This very useful answer says:
Share overlapping parts of your private-key or seed phrase with several family members with instructions on what to do if you are hit by a bus this afternoon.
This sounds like very good advice, but the details of doing so seem like a complicated balance of trust and chance of dying. For example, I may trust my spouse most, but they are likely to be in the same car as me. My parents next, but they are old and frequently in the same car driven by an old person. My siblings next, but there are not many of them. My friends somewhat, but there are lots of them and they do not all talk to one another.
Has anyone devised an algorithm to split up your private key or seed such that you can balance these considerations? Perhaps something like allowing you to specify that any one of these sets of people are sufficient to access funds:
- spouse and one sibling
- both parents and one sibling
- All siblings
- 7 out of 15 friends