Your estate plan should include all the cryptocurrencies, NFTs, digital art, and other digital assets you own. The Vault12 Guard app makes this planning easy, so you can be confident that your crypto will live on when you die.
“Simply put, if you don’t record all the details of your assets and pass them on to the intended beneficiaries, there’s a good chance those assets are lost forever.” – Wasim Ahmad, Chief Crypto Officer at Vault12
What do I need to know about transferring digital assets?
If you are interested in or have an interest in investing in digital assets, you may have wondered, “Can you inherit digital assets?” The answer is yes! Wasim Ahmad, Chief Crypto Officer at Vault12, shares his thoughts on the most important things you need to know about inheriting Web3 assets and passing on crypto.
Inheritance: What Happens to Your NFTs, Digital Art, and Cryptocurrencies When You Die?
What happens to your NFTs, digital art, and crypto when you die? You need to understand the basics of inheritance and how to pass your Web3 assets to your children or heirs.
How does Web3 inheritance differ from traditional inheritance?
Hi, I’m Wasim Ahmad and I’m from Vault12, the pioneering creator of the digital inheritance mobile app Vault12 Guard. Today we’re going to talk about inheritance of Web3 assets.
Web3 inheritance is fundamentally different from the relatively simple steps of traditional inheritance, and should be considered carefully. With traditional assets, you go to a bank or broker and say that someone has passed away or is incapacitated, and you gain access to those assets. But in the Web3 world, as the owner of those assets, you are responsible for their security and custody.
How can NFT collectors transfer Web3 assets?
Who is most interested in inheriting Web3 assets? The most obvious group is NFT collectors. People have an emotional attachment to NFTs. They often buy NFTs they like, regardless of their value. These are valuable assets that they intend to pass on to others.
How can Web3 creators transfer Web3 assets?
The second group that is very interested in transferring Web3 assets are creators. Creators usually hold an inventory of NFTs, often in the form of an art inventory. They also have a royalty wallet, so whenever an NFT is transferred or sold, a portion of the sale proceeds goes into that wallet. These wallets need to be protected for the long term!
How can cryptocurrency enthusiasts pass on their assets?
The third group that should inherit Web3 assets are, of course, crypto enthusiasts who buy cryptocurrencies and want them to be passed down. Cryptocurrency inheritance can include tokens from Ethereum, Bitcoin, and other blockchains.
How to ensure that your Web3 assets are inherited as you want
The most important part of inheriting Web3 assets is having an up-to-date inventory of all your assets.
We have all purchased NFTs and cryptocurrencies on various blockchains, and these are stored in various Web3 wallets. The number of possible ways to acquire digital assets means that there is not just one thing to inherit. There will be multiple components. Each of these needs to be documented, and the list needs to be up to date.
How do I submit an inventory list of assets?
One of the main elements of risk is related to asset inventory protection. Then you have to actually somehow get that inventory. Think about what Web3 wallets tell you to do from a security standpoint. They tell you to write down your seed phrase, write down your private keys, and back up and store your private keys and seed phrase. Often you do this on paper, and in cases involving inheritance, you usually write it down on paper and give it to your lawyer. Whenever you write something down on paper, you can store it in a safe or other safe place, but The moment you turn over your asset inventory to a law firm, attorney, or any other entity, that information becomes exposed.This poses a potentially unacceptable risk. After all, it will be a long time before anyone needs to use those credentials!
On the other hand, Vault12 Guard does not reveal your asset list to anyone until needed.
Does storing your assets in a secure wallet mean that inheritance is set up?
The second risk is that many people rely solely on technologies such as hardware wallets, storing their seed phrases and private keys in other types of cold storage devices. And of course, these technologies can provide secure access to Web3 wallets. but, Keeping your assets in a hardware wallet does not mean that everything is ready for future inheritance! Safe storage protects your assets from internet-based threats and accidental exposure or hacking. However, in case of inheritance, you need to know what your assets are and how to access them.
While backing up your hardware wallet is still necessary, you also need a solution like Vault12 Guard to collect that information and pass it on to the beneficiaries.
Who should be the beneficiary of your Web3 assets?
It is very common to designate a beneficiary or legacy contact for all sorts of accounts, from bank and insurance accounts to social media accounts like Facebook. Designating a beneficiary for NFTs, art, and cryptocurrencies should be equally simple, and Vault12 Guard makes it possible.
Introducing Vault12 Guard: How to Make Sure Your NFTs, Digital Art, and Cryptocurrency Pass to Your Heirs When You Die
Introducing Vault12 Guard: Make sure your NFTs, digital art, and cryptocurrencies are passed on to your heirs when you die. Vault12 Guard protects your assets for current and future generations.
What is Vault12 Guard?
The latest technology release, Vault 12 Guard, is a mobile phone app designed for collectors, creators who create digital art and NFTs, and cryptocurrency enthusiasts who buy cryptocurrencies. Vault12 Guard is designed to make it as simple as possible to back up all your Web3 assets and designate a beneficiary to receive those assets in the event of the owner’s incapacity or death.
How to start Vault12 Guard
With Vault12 Guard, backing up is a breeze. Enabling inheritance is also a breeze. And it’s also a breeze to retrieve assets when your heirs need them.
How does it work? It’s very easy. You download the app from the app store (iOS or Android), install it, create a digital vault, and start adding assets right away, and your assets are stored locally on your phone device, allowing for full, distributed, decentralized 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 can be business partners, family members, or friends who will protect your vault. Your guardians will grant you access to your Web3 assets in the event of your death.
How will Beneficiaries use Vault12 Guard?
When you designate a beneficiary in Vault12 Guard, everything is set up for inheritance. You don’t really need to do anything other than to add assets to the Vault along with a backup so that your beneficiary can use them when the time comes. To enable inheritance, all your beneficiary has to do is make a request, and once the Guardian has reviewed and approved it, your beneficiary will have access to all your assets. Your beneficiary can then access those assets and transfer them to their rightful heirs as defined in your will.
What are the main points of Web3 inheritance?
One of the most important things to remember is that you should work with an attorney first to plan your trust and estate strategy.
Second, you need to understand the risks associated with backing up and planning for the succession of your Web3 assets. Given these risks, you need to choose the solution that is right for you. We believe Vault12 Guard is the best solution and can do a great job for you. Use it, use an alternative succession solution… or risk losing everything forever.