Are digital assets inheritable? If you are a serious crypto investor, you must have thought about how to distribute your hard-earned crypto assets to your beneficiaries upon death.
We can provide a better life for our loved ones by ensuring they receive what we’ve built for them.
There are several ways you can make your digital assets inheritable which we will cover below.
What happens to your digital assets when you die?
When you die, your rights over your digital data automatically expire.
This means that your next of kin are not legally allowed to log in to your online accounts that are left behind. This can cause tricky problems.
We’re not just talking about social media accounts. Also login details for your computer, online banking, the tax authorities and all your online subscriptions and digital portals.
And of course, this includes access to your decentralized crypto wallets and exchanges.
Notary services for digital inheritance
A legal and official way to deal with this, would be to create a will and include your crypto holdings and access data within it.
You list out all of your digital assets and assign them to certain people in your life.
In this case, it is possible to leave the private keys to your decentralized crypto wallets with a notary.
However, there are several things that can go wrong here, since a notary is a highly centralized institution.
The problem with notaries and sensitive digital data
Either the secret keys are written down and kept in storage by the notary, or digitally stored.
Both of these methods provide no guarantee for safety from damage and hacking.
If you’re actively sharing access data to your wallet with a notary, and he gets hacked, it will be impossible to definitively prove where the hack came from. And who is responsible then?
Someone could have stolen your private keys from you, too. Because of that, the notary bears no responsibility over any financial damages.
If you’re creating a wallet specifically for the notary to hold, you’ll have to make sure all your assets are there before you die. In that case the notary would act as a custodian.
But how would you make sure the notary receives all your assets before you die?
A digital safe, is it safe?
Another option is to buy a digital safe to store your data in.
There are several companies that offer this service. You’ll have to pay a small amount per month or per year for this.
You could store important documents, photos and data from your online accounts, and specify which trustee will have access to your digital safe after your death.
Make sure that you work with a reliable provider and read the terms and conditions carefully. Some companies will share some of the data with commercial parties and the government.
Digital safes can’t guarantee safety
Also, with an online safe, the risk of hacking is always present. This method of making your digital assets inheritable is highly centralized.
You’ll need to put total trust in the digital safe provider that they will be storing your assets responsibly and safely. If they go out of business or stop offering their services, you won’t be able to access your data anymore and will have to find another provider.
You can also enter your data in a document and store it in the cloud. Your next of kin will then only need the data for the cloud to access the rest. Here too, there is a huge potential for the cloud to be hacked or your access data to be stolen.
How about password managers?
Another option is to use an online password manager. This is a service that will create a strong password for you for each online account. You only need to remember the password for the password manager.
Your relatives, in this case, only need to know the password for the password manager to gain access to your accounts.
This creates a single point of failure where anyone who knows the password to your password manager, will have access to all your saved passwords. Your password can easily get hacked, stolen or lost.
How about just writing it down, then?
The simplest way to safeguard your digital legacy is to write down a list of log-in details for all your online accounts yourself and keep it in a safe place.
You can let your heirs know where you have stored this or include the place in your will. Perhaps you could even underscore words in a book to decipher, or carve your keys into a plate of stainless steel.
The dangers of writing down your data
All of these methods are prone to theft, damage or loss.
If your tech-savvy distant relative finds it, is it a guarantee that they would just leave it there and point out your security flaw to you?
Or if you’ve already passed, would they honor you and deal with your funds in a fair way? What if there’s a fire or you simply forget where you’ve kept your data?
Don’t be discouraged by all of this. There is a much better and completely safe method for making your digital assets inheritable.
Make your own digital assets inheritable today
Inheriti® allows you to create a decentralized backup / inheritance plan. This ensures that your heirs will get access to your crypto assets in the event of your death.
You simply set it up, and Inheriti®’s smart contract tech created by Safe Haven does its job automatically. Inheriti® is decentralized and hack proof.
You can program it to carry out your wishes, just the way you want it. Your heirs will get access to your assets in a transparent and fair way, using our proprietary SafeKey technology.
Benefits of a decentralized inheritance plan
- Completely decentralized, no information shared with any organization
- Intensively audited by the best ethical hackers organization, the security and privacy of your data is guaranteed
- You can customize it to fit your specific needs
- It’s more affordable than other options on the market
- You’ll never have to worry about your data being stolen or compromised again
- it can be used as backup storage
With our data security and privacy features, you can rest easy knowing that your information is safe.
You’ll never have to worry about it being compromised again because we offer audited and patented security, with a number of options tailored specifically for each user’s needs.
In the event of your passing, your heirs can start claiming your digital assets inheritance by the activation method you’ve chosen. This starts a countdown period set by you, which can be as long or as short as you want.
If you do not log in or reply during this time period, access to the data you’ve made inheritable will be distributed according to your wishes.
So, if you’re looking for a safe and secure way to make your digital assets inheritable, Safe Haven’s Inheriti® is the solution for you!Back to wiki