Altcoins are booming and Bitcoin is trading at 9.8K but here I am talking about death already. I came across an article recently and decided to write about it here. It is such a sad topic and many of us wouldn't have thought about it so soon but it is good to have a plan. After reading this article you should get a general idea on the do's and dont's.

When you get old I'm hoping that you would probably be a millionaire and after you die you would like to pass on your fortune to your future generation. If you do not pass on the valuable information to your closed ones on how to access the funds then your bitcoin ashes would forever be flowing in the vast blockchain ocean. 

WRITE A WILL?

So the next logical step would be to write everything down in a will right? Well think again! Writing sensitive info in the will would be a bad idea because eventually the document would become public and your private keys would be exposed. You do have to write a will but just not mention any sensitive data like your passwords and keys. So when you start writing your will, you have to mention about all the accounts created and software wallets installed or if you possess a hardware wallet. Definitely DO NOT give your backup seeds, private keys, email id, passwords and pin codes in the will. All the sensitive information that you used to secure your bitcoin must be written in a memo. When the will is made public the person verifying the document will just know about the nominee who will get the possession of all your funds and that such a memo exists. The memo will not be made public and it is a private document which only the nominee can view it.

WHAT TO WRITE IN THE MEMO?

• The location of your hardware wallet if you own one.
• The name of all the accounts and wallets you used along with all the backup seeds, private keys, pin codes etc that are used to access them.
• Your email id and password to log in to the accounts.
• A detailed guide on how to access your funds with all the information that you have provided just in case the nominee you happen to be passing your fortune to is not crypto and tech friendly.

If you have an account in Coinbase then you can add a beneficiary. Your family members can obtain legal possession of your funds if they provide the death certificate and all the other necessary documents.

A template on how to write your will and memo can be found here with all the important information.

You can also have a look at this reddit page to get more information

Start planning now and your closed ones would be thankful for what you did after you've gone.