If the Vault owner dies or becomes incapacitated, you have the right to claim the inheritance as a beneficiary. To start and claim your inheritance, follow the steps below.
When it’s time to access inherited digital assets, beneficiaries open the Vault12 app, select the Vault they want to inherit, and enable inheritance. This sends a protective message to the Vault owner in case the beneficiary actually jumps the gun. The owner has a set 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 asked to receive out-of-band contact from the beneficiary via telephone or otherwise and perform a vault restoration.
The Vault Restore/Asset Unlock process is the same one that Guardians have enacted many times for their owners, so there is nothing new to do.
3. Asset restoration
- Once a minimum number of guardians have confirmed unlocking the safe, the assets will be transferred to the beneficiaries.
The inheritance process is complete, and the new beneficiaries are free to spend the assets as specified in the Vault owner’s will or living trust.
The Vault12 Digital Inheritance feature is designed to ensure that all digital assets, not just the cryptocurrencies originally backed up in the Vault, are passed on to a designated individual in the future.
Vault12 Digital Inheritance is part of the Vault12 app and is now available on the App Store, Google Play, macOS, and Windows. Download from https://vault12.com/download.
If you are a lawyer or a cryptocurrency investor, check out the webinars hosted by the Digital Chamber of Commerce.
– Philip C. Berg, Otterbourg P.C.
– Jason Lederman, Senior Associate, Norton Rose Fulbright US LLP
– Wasim Ahmad, Chief Crypto Officer, Vault12