Estate Planning: Critical Importance!

in LeoFinance3 months ago

Hi fellow Lions,

Today I wanted to toss something out there for us in crypto to think about that might not be well covered elsewhere! Estate planning!

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Taking Precautions

So it might sound morbid or something unpleasant to think about but I think we all need to take some steps to factor in estate planning to what we are doing. I was having a thought amidst other things the other day and considering the bull market we are in and the potential finances that are on the table, I had an idea that I am going to be putting into practice. We don't like to talk about death in many cultures or areas but it is literally the only thing that human beings cannot avoid, at least death of the physical form. (for you esoteric fans out there! :D) One thing we need to make sure is to have a guide that someone can follow to get to the assets we’ve accumulated.

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If you unfortunately died, do your loved ones have the access they need?

I was trying to come up with some ideas for some basics in order to achieve this type of information without it sounding strange or as if I think I will be dying in the near future for one reason or another. I’ve been doing this a little bit over a few months to write down and document the accounts but not in the detail in the post here so here goes! Some of the things I think are important to leave some type of record in a safe space besides our brain, for loved ones to come across when they go through the unfortunate exercise of trying to determine what is left as far as documentation:

  • Accounts.

Do you have a list of all of your accounts, crypto and non-crypto? The non crypto stuff is pretty routine for a lot of people since it's been ingrained in us for a while. What may not be so popular is having the crypto stuff documented. That air-drop you claimed back in 2018, do you have information on it outside of an obscure note saved on your computer? Write it down, print it, include it somewhere!

  • Passwords

Passwords are a big one especially for those of us here on hive, Leo and the other aspects of this blockchain. Having an email password is one thing but if you don’t put your keys and passwords in a space that your loved ones can access then you are putting all this stuff that we’ve worked on at risk of being just essentially sent to null. There is some hope of recovering accounts but that’s another story, although one that’s not impossible for sure. It’s still hugely important to list out what you have in an easy to read and understand fashion for those that aren’t in the know. Names, email addresses, passwords to the email addresses are all important to have a record of. If they happen to be into crypto as well then you are on a leg up but most people here don’t have a partner or close loved one that participates as well so it’s foreign at best, unknown at worst.

  • Expected Totals

This one might not be too relevant given the two points above but when the price of bitcoin is around 50k these days, there is a lot of potential money that could be on the table. The next best thing you can do is help get them an idea, as well as you yourself, of just how much you hold for assets. I don’t think dollar value is relevant since that fluctuates so much but raw bitcoin values. Do you own one bitcoin? Or do you own 1.4532245 bitcoin? Every number after the decimal point is important for things like bitcoin! It’s important to also figure out and calculate the other coins that you hold, not just saying that you own a little doge but figuring out exactly what your position is would be important.

  • Security

This one here might not be too astounding to figure out but some good information to them for security purposes would also certainly help. After all I am going on the assumption that the family member or loved one doesn’t have a huge understanding of what crypto is, how to trade it and what the potential uses of things like ethereum are. It’s prudent to give them some information on just what to do and not do as a minimum. We don’t want to dictate to them all of it but for example don’t try to send a little bitcoin to someone if they promise to include you in an airdrop of the next most amazing token to ever hit the market since the last shit coin appeared! These basic scenarios might seem like a no brainer to us but it might not to them!

This is all under the assumption that you have some security of some kind in order to store this type of stuff. If you don’t have that either then you should figure something out to designate it and let your loved ones know where that space is. Could be a loose board in the floor under your bed but it should be stored in a safe device like metal so that it won’t get pests or other issues with it.

Are there any other things you think would be prudent to leave? I’m writing one of these myself for the exact reasons I’ve listed above so if you think I’m missing something please let me know and I’ll include it!

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This is a really good point. It has crossed my mind. How if I passed would my partner get my Crypto?

I haven't given it much thought as it isn't really worth much but in the event something did happen and in 10 yrs time my hodl grew to over 1m than it would be worth gaining access.

Great post and great thing for people to think about.

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Yeah, I'm not so much worried about the next year or two but five years down the line, 10 years down the line. This stuff could potentially be worth a shitload of money! Not only is it good for our family to have it documented but it's also a good exercise for us to go through if we've gone and signed up for a bunch of random things over time. Getting all of that cataloged into something organized helps everyone involved lol.

I got thinking about this a while ago and wrote a post about it. It is really important to have good instructions or at least someone that can walk your loved ones through the process of getting your accounts settled. Luckily, my wife's cousin is pretty adept at Blockchain stuff, so I am sure if something ever happened to me, he would walk her through everything she needs.

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Yeah it's definitely important to have one or the other. Both if it can be possible! One aspect of it that I have thought of though is at least documenting it in some form. We might have it sloshing around in our brains somewhere but if that's no longer available, will they have the tools or ability to dig through the stuff and find it? I know I have some email addresses I consider spam so I sign up for random shit with it but I know my wife won't know all those so I have to catalog it in case! If things turn out to be fruitful I make it a bit more secure but there's too much noise in email already so I don't like associating my primary email address with everything.

I have a pretty decent spreadsheet started that has a lot of our information in it. It is a in an account that I keep the password in our safe, so I hope my wife knows where to find it. Great points!

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That's indeed a thing to consider .
Always copy or write down the keys , and keep em save .
Save for your heritage to that is .
Now please don't tell me what 20.000,00 Dogecoin would be worth today .
As that could really hurt me ;-)

Haha well that's the tough part. I'm sure the person who spent I think 1,000 bitcoin or something to buy a pizza would like to have that bitcoin today! As things evolve, situations where things are spent or removed are inevitable. It's going forward, trying to see what the opportunity is to hold something we consider valuable. That's where we have to make sure we don't waste it!

Indeed keeping all of this information stored away is important, you never know what could happen and when your time is up. Best spend a little bit to get things situated!

Sorry to bother you while you are in a mental break but I have no one to ask you. Have you seen Presearch have reduced earnings from 0.25/search to 0.1? Or am I the only one punished here? What's happened? Do you know anything about it?

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Oh god no! Ugh that sucks lol. That’s going to make getting the token a pretty big pain in the ass! Do you follow them on twitter? They usually announce stuff like this there. I just searched something and found that to be true. Increase token price has its draw backs I guess!

You didn’t bother me at all, I’m just not doing any studying haha.

I don't follow them on Twitter, maybe it's time to do it.

This is not good as I only have around 200 tokens :( Not cool! However I'm not going to stop using it as it's still better than the other option.

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Yeah it's not going to stop me from using it but it is going to be a bit more tedious to earn the tokens! I guess things need to change as growth happens for things to be sustainable. Let me know what you dig up with their Twitter! I've deleted my Twitter myself!

I've been able to find out more from their YouTube update.

Around 6:45 Colin Pape says the reward system is now dynamic, can be lower one day and higher the next, which we are experiencing now. Yesterday was 0.1, today is 0.12 and only God knows how much a search will be paid tomorrow.

Well, it is what it is, we can't do anything to change that, beggars can't be choosers, right? So we get what we get :) I still like it though.

By the way, follow them on YouTube if you don't have a Twitter account anymore. Colin Pape is replying to comments, so it's easy to communicate with him. He may listen to suggestions.

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That’s great thanks for the link! I thought I was crazy when I was earning .12 per search today lol. Really messes me up with my usual seeing of a 5 or a 0 haha

Today is 0.13, so it's crazy and the worst is that only 32 searches per day are paid. The rest is not as the counter stops after you reached 32 searches.

Well, there's nothing we can do, so this has to be good.

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