What Happens to Your Dash When You Die?

JohnGaltsLawyer

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Greetings Dash Community!

The law firm I consult for is paying close attention issues near and dear to the hearts of members of this community. One of the issues we addressed in our newsletter last summer was what happens to cryptocurrencies when we die. I've linked to the full article below.

Here's the opening paragraph:

Ubiquitous access to, and use of, the world wide web poses challenges to lawyers, and their clients. In our last newsletter the Asset Protection group at BYH briefly addressed issues related to the passing of digital assets associated with social media software tools like Facebook, Twitter and Instagram. This month we explore issues related to passing cryptocurrency to one's heirs. Before delving more deeply into the question posed we must first define cryptocurrency, explain the nature of the blockchain upon which cryptocurrencies are built and define private keys.

Here's a link to the full article. What happens to cryptocurrencies when we die?

How are members of the Dash community handling the issue of transferring Dash upon death? We are updating our standard Will forms and our standard Power of Attorney forms to address this issue and I'd like to here how the Dash community thinks the issue ought to be addressed.
 

David

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Jun 21, 2014
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Greetings Dash Community!

The law firm I consult for is paying close attention issues near and dear to the hearts of members of this community. One of the issues we addressed in our newsletter last summer was what happens to cryptocurrencies when we die. I've linked to the full article below.

Here's the opening paragraph:

Ubiquitous access to, and use of, the world wide web poses challenges to lawyers, and their clients. In our last newsletter the Asset Protection group at BYH briefly addressed issues related to the passing of digital assets associated with social media software tools like Facebook, Twitter and Instagram. This month we explore issues related to passing cryptocurrency to one's heirs. Before delving more deeply into the question posed we must first define cryptocurrency, explain the nature of the blockchain upon which cryptocurrencies are built and define private keys.

Here's a link to the full article. What happens to cryptocurrencies when we die?

How are members of the Dash community handling the issue of transferring Dash upon death? We are updating our standard Will forms and our standard Power of Attorney forms to address this issue and I'd like to here how the Dash community thinks the issue ought to be addressed.
My will specifically mentions my Dash holdings, and I've left an envelope with detailed instructions on how to access, secure, and (in time) sell my holdings. My letter specifically mentions certain friends in the Dash community that my wife should turn to in the event that she needs better instructions/walkthroughs on executing any of those steps.
 

tungfa

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My will specifically mentions my Dash holdings, and I've left an envelope with detailed instructions on how to access, secure, and (in time) sell my holdings. My letter specifically mentions certain friends in the Dash community that my wife should turn to in the event that she needs better instructions/walkthroughs on executing any of those steps.

good one
i recently was asked by a community member (and good friend) to be his family goto guy in case of certain events .
due to that i talked with him (lawyer as well) how to handle these kind of events and how to put that into paper
i am very happy you started this thread @JohnGaltsLawyer and hope we can get a solid paper out of it - so everybody knows what to do and how to handle it

i have a similar paper in place (as mentioned above)
mine is based on keepassx file (all passwords,privatekeys and logins) + USB sticks with wallet.dat's
and instructions - step by step guides + "trusted contact suggestions"
(i keep the keepassx password seperate from the rest of the instructions and paper due to security risk - and have seperate steps in place how to retrieve )
 

Biltong

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Mar 22, 2017
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XmPNBEQyaVNyFudWL3hhhcWfkdYK6T9nCF
Please send me a copy when you are done, Thanx
 

Tallyho

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I've been thinking about this recently. Mentioning cryptocurrencies in my will isn't an option since everything mentioned in the will is subject to about 35% inheritance tax before it can even be claimed. Instead I intend to leave an envelope with details about my trezor and the USB sticks on which to find my wallet.dat files, I've already scribbled something together but it needs improvement. Then for security, I intend to tell each member of my family one part of the seed/pin/passphrase/location/decryption keys etc. so that no one person can access anything, but if they pool all their clues together they'll be able to access the lot. It's going to take some planning but I think that's going to be the best way to do it.
 

Biltong

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Mar 22, 2017
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XmPNBEQyaVNyFudWL3hhhcWfkdYK6T9nCF
Yep - that is what I did (sort of) Detailed instructions separate from will. Only problem is keeping it upto date as you move things around
 
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GDASHMoney

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I think a better question would be - what happens to holdings on the blockchain that become inaccessible due to improper or lack of planning, or untimely death (ie. someone who hasn't even thought this far ahead yet, but nonetheless holds cryptocurrency - somewhere, somehow, then passes) what becomes of the "orphaned" value on the blockchain? Is there a way this can ever be recovered/recycled into the total currency in circulation? Or, is it simply forever lost and locked in the blockchain? Is there a way to institute a blockchain "probate" of sorts, without sacrificing privacy?
 

JohnGaltsLawyer

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Mar 23, 2017
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My goal is to develop a "Smart Digital Will" written on the blockchain that enables members of the Dash Community to pass digital currency to their heirs. Leaving instructions to our loved ones, USB sticks in bank vault etc. isn't that much different than what we've always done. I'd like to arm every new user of Dash with a simple will that addresses the basics. But circumstances change, in the physical world and virtually, and that Digital Will needs to evolve. My hope is Evolution may provide sufficiently robust tools to achieve this goal.

In the US and other jurisdictions where the rule of law enjoys passing respect, one might find a trusted fiduciary to oversee the transfer, for a fee of course. But in other places that may not be an option. Further, a fundamental aspect of Dash revolves around the elimination of middlemen and trusted fiduciaries. I constantly remind my clients in the built industry that planning, designing and constructing facilities, infrastructure and residences virtually does NOT require that we recreate / track wasteful paper processes digitally. The same rationale applies here as our Digital Will ought NOT look exactly like a traditional paper will. We should rethink this. After all, even in the US and other places the cost of probate is something most members of the Dash community will want to avoid.

There are enormous challenges when planning a paper estate; those same challenges must be considered in a virtual estate, but they are different too. I'd be interested in joining forces with members of the Dash community to figure out what a basic Digital Will looks like on the blockchain. Maybe that's a good project for which to seek funding from the Dash Treasury.

Thoughts?
 
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JohnGaltsLawyer

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I think a better question would be - what happens to holdings on the blockchain that become inaccessible due to improper or lack of planning, or untimely death (ie. someone who hasn't even thought this far ahead yet, but nonetheless holds cryptocurrency - somewhere, somehow, then passes) what becomes of the "orphaned" value on the blockchain? Is there a way this can ever be recovered/recycled into the total currency in circulation? Or, is it simply forever lost and locked in the blockchain? Is there a way to institute a blockchain "probate" of sorts, without sacrificing privacy?
I've been mulling this very question over as well. A basic Digital Will might direct that unclaimed Dash pour back over into the treasury at a some point. Or a Dash Charity of some sort. This is an important issue. I wonder if it ought to be addressed when a wallet is created? A menu of simple initial choices, like, leave to my heirs via Digital Will, leave it to the Dash Treasury or donate it to a Dash Charity. At a minimum I think new users should think it through.
 

rustycase

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Apr 19, 2016
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Yes, that did come to mind.. Evolution??
That opportunity could very well be a function of Evolution !
This could become new trade for those well versed in writing script to manage any number of accounts, direction percentages to be allocated at specific time periods, similar to an annuity ???

I would certainly require paid assistance.
rc
 
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GrandMasterDash

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I don't know, all these ideas remind me of the fallacy of how wonderful hardware wallets are. Allow me to explain something...

It's four in the morning and you suddenly awake to a lot of noise and confusion. Your door is being broken down and lots of men with guns are clambering into your house and bedroom, shouting "POLICE! POLICE! DON'T MOVE!". You didn't break the law but later you find out it was a jilted ex-girlfriend, your brother-in-law, or a paranoid neighbor. The police do a search and they find.... usb sticks... hardware wallets.. instructions on what to do when you die... They have this routine down, they've done it a hundred times before; they play dumb, they are "newbies" in tech, so just to be sure they'll confiscate EVERYTHING that even mildly looks electronic.

Did you hide that hardware wallet? - no problem, they have dogs especially trained to sniff out cash AND electronics. And whether it's cash under your mattress or bitcoin in a hardware wallet, they're gonna question why you have 100K USD at home and not in the "safety" of a bank - perhaps you're facilitating illegal activity or money laundering?

Does it get any worse? A major terrorist incident will occur and all police resources will be diverted.. you won't see your phones, computers etc for 12 MONTHS! Okay, forget the terrorist incident because, actually, there are 99 other things that can and will go wrong.

But you're smart, you refuse to give up your passwords... refuse to provide self-incriminating evidence.. BANG! - you're in jail for 6 months (or years!) for withholding evidence.

It won't happen in America / Europe / UK? You have rights, right? - WRONG! Because when shit happens, it don't just happen in two's and three's, it just all happens in one go.

So, besides dealing with possible collusion between family and friends, you're also up against corrupt cops and a farcical legal system.

I can't tell you how to hide stuff and how to pass it on when you die because the techniques for doing so need to be tailored to you alone. All of you will need to do your own dark web research on how to hide stuff and you'll have to be creative and think laterally. "In plain sight" is about the best advice I can give, and that applies not just to the physical but also to your behaviour.
 
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