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Comment by nicky0 | Hacker News Reader

Your relatives won't need a password or login to access your financial stuff. once you die the executor of your estate will be able to apply to the relevant companies manage your affairs.

Of course, if all your assets are in bitcoin then they are screwed.

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You're correct, but there's a practical difference. Having the credentials allows a distribution in minutes, whereas going the old-fashioned route of sending in copies of paperwork, sometimes with notarization or even signature-guarantee requirements, can take months. Ask anyone who's needed to use the U.S. government's Treasury Direct site to manage savings bonds.

And it's considerate to keep a list of accounts with credentials that your loved ones can consult during a difficult time. Especially with paperless communications these days, they might have no way of knowing an account even exists, and might learn only years later when escheat is approaching.

I guess as long as it's legal to remove assets with the credentials of the loved one who passed. In some countries you have to pay any inheritance taxes before you are legally able to take control of assets.

I 100% agree with listing accounts as part of a formal Will and Testament.

For the US, where I and the article author are based, there's no federal inheritance tax, and federal estate taxes are assessed only on more than US$12-13 million. If someone has to deal with these amounts in the United States, it's much less likely that they lack the means to coordinate the estate.

Only six states assess inheritance taxes, and only 12 assess estate taxes. Few (none?) assess those taxes against surviving spouses, children, or parents who inherit, and most are exempt if the inheritance or estate is under US$1 million.

I live in one of the 12 estate tax states, and their estate had no such tax obligations as a sole-surviving spouse. As a sole surviving spouse with no children, my state also granted me automatic and immediate default probate control over my partner's estate upon their death, and would have even if they didn't have a formal will.

Their will only specified a few of their financial accounts, and my access to their digital estate allowed me to manage the rest either directly or by simply knowing that they exist so I can submit the forms and certificates to close them out. (One such account had a $0 balance; it was purely administrative work, but still necessary.)

Having children, ex-spouses, or legal guardianship over a dependent all complicate these considerably, but in many cases it really is this simple.

> Having the credentials allows a distribution in minutes

Not really since that wouldn't be legal. The estate is going to have to be processed through whichever local laws apply to it and that's going to take the time it takes whether you have passwords or not.

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