I was thinking that if something were to happen to me, it is possible for the cryptos that I have may never be retrieved. If no one knew the password(s) to my phone, accounts, wallets or hard wallet, the digital coins may be locked up forever...
With cryptocurrencies being relatively new, I'm sure this scenario will happen and there will be a certain percentage of crypto that will be locked up forever...
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Although I haven't done anything yet, I was thinking about placing all of my info in a document and saving it onto a thumb drive. (NO COPIES anywhere else)
The beneficiary would need the essential passwords to gain access to the coins/tokens.
Smart phone PW
Exchange PW
Wallet PW
Email PW
Steemt PW
Hardware Wallet PW
Cost basis?
Once you plug in the thumb drive, it should show up as another drive connected to your computer, like Removable Disk (E):
Once you logged in all of the info that you think is pertinent, click on 'save as' and find your thumb drive.
Produce a name for your file and save it to the thumb drive, close the document and safely remove the drive.
It can be place in a safety deposit box if you have one. Or maybe a small fireproof safe (another password???) Or you can give it to someone that you trust like your spouse, brother, sister, etc...
One problem is that the people you know do not have any experience with cryptocurrencies. While it is not very hard to learn, it does take time. You might want to include some YT video links to show them how to sell and retrieve the cryptos if that is what they wanted to do.
Again, I have not done this myself yet, but it has been in the back of my mind. (I have a brother that has crypto, so I would give the information to him) Give me some ideas, what are your thoughts on the issue?