According to John Milton, “death is the golden key that opens the palace of eternity.”
That being said, it has to be noted that, that key won’t unlock your crypto wallet when you’re dead. It’s a task that will require a private key a 256-bit number that enables your coins to be spent. It is possible to hand a copy of this key to your next of kin or leave it in a safe deposit box with strict instructions for the executor of your estate but to do so would be to place your trust in the goodwill and incompetence of others. It is understood that safe deposit boxes are not safe at all while family can not be relied on to resist touching your tokens until the appointed time.
Many solutions that are starting to appear lucrative to a good number of cryptocurrency users, in as far as digital assets inheritance is concerned is utilizing purpose-built digital inheritance software that promises to automate the process on your behalf period
Trust Verse, is such a protocol for handling digital assets, including the management and ownership of digital identities. Due to its Legacy planning service for cryptocurrency owners after selecting inheritance design that dictates the conditions under which the assets can be bequeathed, a smart contract is set up to administer the process. In the sudden passing of an owner, the inheritor can submit a certificate of death to gain access to these assets locked into the smart contract. There are also provisions to cover multiple beneficiaries who must reach consensus before funds can be unlocked.
Another way that cryptocurrency users are discovering as regards inheritance of digital assets is the turnkey digital inheritance solutions. Safe Haven appears close to finally shipping the product. It allows you to add a verified legal entity to your inheritance plan but also comes with a fully automated solution that uses smart contracts to trigger a so-called dead man switch after a certain period of time.
The same technology also employs the Last Will a BCH solution. It comes with a six-month trigger also called dead man switch that will make the coins available to the inheritor unless the owner refreshes the Last Will agreement.
The value of a decentralized inheritance solution is significant. Planning for the worst while hoping for the best is an excellent way to ensure that your inheritors can access your digital assets without being forced to guess passwords, piece together recovery phrases and such problems. Making your crypto secure enough to survive this life while making it easily transferable once you pass on to the next life is not hard is it sounds.