Am I missing something significant? If my wayward indebted 19 year old (not that I have one of those currently) can get hold of the encrypted key, he can take

Am I missing something significant? If my wayward indebted 19 year old (not that I have one of those currently) can get hold of the encrypted key, he can take its money. So I'm putting total trust in the security/honesty of the lawyer or whoever who is storing the protected key. So they might just as well be storing the unprotected private key. I'd rather not put total trust in anyone, but reasonable trust in several (disinterested) people.