Leaving an access plan behind
- Author
- CRYPTO PORT Editorial
- Published
- Updated
- Reading time
- 5 min
In short
Nobody can open a self-custody wallet unless you leave a procedure. Write down what exists and where the material is kept, and store that document separately from the keys themselves. Then, while you are well, verify that the procedure actually works.
Key points
- Write down an inventory — exchanges, wallets, chains — and where the material lives
- Keep the document describing locations separate from the medium holding the keys
- Exchange accounts can often be handled through the operator's inheritance process
- An over-complicated procedure will not be carried out — favour feasibility
Definition
Documenting in advance where your assets are and how those you leave behind can reach them, in case of death or incapacity.
The most common failure in crypto inheritance is that nobody learns the assets existed. Families find financial accounts through bank books and post; a self-custody wallet leaves no such trace. So the first step is not an elaborate scheme but an inventory: which exchanges hold accounts, how many self-custody wallets there are, which chains the assets sit on. Writing that on paper already changes the outcome substantially.
Then record locations: where the hardware wallet is, where the medium holding the seed phrase is kept. The important part is that the document describing locations must not contain the keys themselves. Put both in one place and whichever is found hands over everything. The usual separation is to keep the locations document with your will and important papers, and the key medium under separate control such as a safe deposit box.
Exchange accounts and self-custody wallets differ again. An exchange is a regulated business with a defined inheritance process, and the family can claim with the required documents — all they need from you is to know the account exists. A self-custody wallet cannot be restored without access to the seed phrase, which is where options such as a safe deposit box, a multi-signature arrangement requiring several parties, or a formal legal instrument come in.
Finally, verify. Does the procedure you wrote actually work? Would your family find the document? Can the storage location really be accessed? Plans left unverified frequently fail. Tax treatment (valuation date, required documentation) is involved too, so if the amounts are significant, consult a tax adviser or lawyer early. Whichever route you take, one principle does not change: the seed phrase never goes into email or cloud storage.
Watch out for
- · Do not write the seed phrase itself into the document describing locations
- · A documented procedure fails if the storage cannot actually be reached — test it
- · Tax and legal treatment vary by circumstance; for significant amounts, consult a professional
Frequently asked questions
Can I write the seed phrase into my will?
It is not advisable. A will may be read by several parties, and at that moment the key spreads. The practical pattern is for the will to say what exists and where, while the key itself sits under separate control. Discuss the specific design with a professional.