As a beneficiary, you can claim the inheritance if the Vault owner dies or becomes incapacitated. To start and claim the inheritance, follow the steps below.
When it comes time to access the inherited digital assets, the beneficiary opens the Vault12 app, selects the Vault to inherit, and activates inheritance. A security message is then sent to the Vault owner, in case the beneficiary actually makes a hasty decision. The owner has a certain period of time (48 hours) to reject the request.
- Once the vault is ready, the beneficiary is asked to contact the vault owner’s guardian.
The guardian is contacted externally by the beneficiary, via phone or other means, and is asked to restore the safe deposit box.
The Vault Recovery/Asset Unlock process is the same process that the Guardian may have performed for the Owner multiple times, so there is nothing new for the Guardian to do.
3. Asset Recovery
- Once the minimum number of guardians confirms that the vault has been unlocked, the assets are transferred to the beneficiaries.
The estate process is now complete and the new beneficiary can distribute the assets as specified in the vault owner’s will or living trust.
The Vault12 digital inheritance feature was originally designed to ensure that all digital assets (not just cryptocurrencies) backed up in the Vault would later be passed on to a designated individual.
Vault12 Digital Inheritance is part of the Vault12 app, now available on the App Store, Google Play, macOS, and Windows. Download it at https://vault12.com/download.
If you are a lawyer or cryptocurrency investor, watch this webinar hosted by the Digital Chamber of Commerce.
– Philip C. Berg, Otterbourg PC
– Jason Lederman, Senior Associate, Norton Rose Fulbright US LLP
– Wasim Ahmad, Chief Cryptographer, Vault12