Bitcoin is a very unique concept but I feel it failed to include a system that considers the wealth of someone who suddenly dies and inherits his money to his loved ones "Family". I've always thought about this in my mind, what happens to my money when I die.
The idea in writing my private key or long word sentence in a well is a method but is not efficient.
Because young people like many of us think we're going to live forever and we don't normally write wells, let's be honest here. Think about banks and real-life situation, here many of us hate the centralization and how government work on things, however, there is some benefit to what they do. When a person dies there's a system that automatically inherits all of your assets and money to your kids.
Bitcoin does not consider this maybe if I am old I will write my private key for my family, but then again what are the chances that they would understand how to get the money? There are so many people who aren't computer savvy, so even if we go the extra mile of writing the sentence or the key in the well, a good chance that family members will not know how to use it and take it for granted. They don't know how much bitcoin worth and will neglect it, of course, given you wrote a well. What if you didn't?
Now, why did I bring this up? My brother who is one year older than me, he's only 40 when he died in a car accident last year. He talks nonstop about bitcoin and crypto so this indicates to me that he was investing. We don't know how much he owns, where he owns it, and how to give it back to his kids as heritage. His kids deserve to get that money but it's gone forever I'm assuming? so don't you think this is unfair, as I said bitcoin has a flaw that needs to be fixed in that sense.
What if my brother owns 2 or 3 BTC which his kids deserve? we will never know! the kids already got all the heritage out of the bank which is why I said the banks and government are a plus in that kind of issues/problems.
P.S. Most of his money goes into crypto and stocks, which is why the kids and his wife did not get much out of the banks, so with this, I don't know where to go to find out. If someone got an idea pls let me know.