What happens to your cryptocurrency when you die?

How is Web3 inheritance different from traditional inheritance?

hello. My name is Wasim Ahmad and I am with Vault12. Today we will talk about inheritance in Web3. You need to be careful with Web3 inheritance because it differs from the relatively simple steps of a traditional inheritance, which involve going to a bank or broker, notifying them that someone has passed away or is incapacitated, and gaining access to those assets. . In the Web3 world, you, the owner of that asset, are responsible for its security and storage. If you do not record all the details of your assets and pass them on to your intended beneficiaries, you are likely to lose those assets.

How can NFT collectors pass on Web3 assets?

Who is interested in inheriting Web3 assets? The most prominent group is NFT collectors. People have an emotional attachment to NFTs. They often buy their favorite NFTs regardless of their value. This is a valuable asset that I fully intend to pass on to others.

How can Web3 producers deliver Web3 assets?

The second group that has a lot of interest in Web3 asset delivery is producers. Creators usually have a list of NFTs in the form of a list of artwork. They also have a loyalty wallet, so whenever an NFT is transferred or sold, a portion of the proceeds from that sale goes into that wallet. This is a wallet you need to protect for the long term!

How can cryptocurrency enthusiasts transfer their assets?

The third group that needs to deliver Web3 assets is, of course, cryptocurrency enthusiasts who have purchased cryptocurrency and want to make sure it gets delivered.

How to ensure that Web3 assets are inherited as desired

The most important part of ensuring that your Web3 assets are inherited is making sure you have an up-to-date inventory of all your assets.

We have purchased NFTs and cryptocurrencies from various blockchains, all stored in various Web3 wallets. The many ways to acquire digital assets means there is more than just one thing to inherit. There will be several components. Each of these must be documented and the list must be up to date.

How should I communicate my asset inventory?

One of the key elements of risk is related to protecting your asset inventory. You actually have to pass along that inventory list anyway. Think about what your Web3 wallet is telling you to do from a security perspective. They say to record your seed phrase, record your private key, and keep a backup of your private key and seed phrase. This is often done on paper, and inheritance-related matters are usually written down on paper and handed over to the lawyer. Whenever you write something down on a piece of paper, you can store it in a safe or another safe place. The moment you hand over your asset list to a law firm, attorney, or anyone else, that information becomes exposed., which poses a potentially unacceptable risk. After all, it will be a long time before anyone needs to use those credentials!

In contrast, Vault12 Guard does not reveal your asset inventory to anyone until you need it.

Does storing assets in a secure wallet mean inheritance is established?

The second risk is that many people have relied solely on technologies such as hardware wallets and other types of cold storage devices to store their seed phrases and private keys. That’s right. These technologies can provide secure access to Web3 wallets. but, Just storing your assets in a hardware wallet doesn’t mean everything is set up to be inherited in the future! Secure storage protects your assets from Internet-based threats and accidental disclosure or hacking. However, in the case of inheritance, you need to communicate what the asset actually is and how to access it.

You’ll still need to back up your hardware wallet, but you’ll also need some kind of solution like Vault12 Guard to take that information and pass it on to your beneficiaries.

Who should be the beneficiaries of Web3 assets?

It’s very common to assign beneficiaries or existing contacts to all kinds of accounts, from bank and insurance accounts to social media accounts like Facebook. Designating beneficiaries for NFTs, artwork, and cryptocurrencies is just as easy. This is possible with Vault12 Guard.

Introducing Vault12 Guard: How to ensure your NFTs, digital art, and cryptocurrencies pass to your heirs upon your death

Introducing Vault12 Guard: A way to ensure your NFTs, digital art, and cryptocurrencies pass to your heirs upon your death. Vault12 Guard protects your assets now and for future generations.

What is Vault12 Guard?

Our latest technology release, Vault 12 Guard, is a mobile phone app designed for everyday people: collectors, creators who create digital art and NFTs, and cryptocurrency enthusiasts who purchase cryptocurrencies. Vault12 Guard is designed to make backing up all Web3 assets as simple as possible and then designating a beneficiary to receive those assets if the owner is incapacitated or dies.

How to get started with Vault12 Guard

Backing up is very simple with Vault12 Guard. Enabling inheritance is very simple. It is very simple for your heirs to retrieve those assets when they need them.

How does it work? It’s super easy: Just download the app from the App Store (iOS or Android), install it, create your digital vault, and start adding assets right away. Assets are stored locally on your phone device for global, distributed, and decentralized purposes. Backup and Inheritance.

Who are the Vault12 Guardians?

Vault12 Guard allows you to add and assign your own Guardians. These are people you know. They may be business partners, family members or friends who will guard your safe. Your guardian will grant you access to your Web3 assets in the event of your death.

How will beneficiaries use Vault12 Guard?

Once you designate a beneficiary in Vault12 Guard, you are all set for inheritance. You don’t need to do anything different each time you add an asset. It should be stored in the Vault with a backup so the beneficiary can use it when the time comes. To activate an inheritance, the beneficiary simply needs to be granted access to all assets once the beneficiary requests it and the guardian approves it. The beneficiaries can then access those assets and transfer them to the rightful heirs as defined in the will.

What are the essentials of Web3 inheritance?

One important thing to remember is that you should first work with an attorney to plan your trust and estate strategy.

Second, you must understand the risks associated with backing up and planning for inheritance of Web3 assets. You should consider these risks and choose the solution that is right for you. We believe that Vault12 Guard is an excellent solution and can do an outstanding job for you. If you use this or don’t use an alternative inheritance solution, you risk losing everything forever.