SAN FRANCISCO, Oct. 22, 2020 /PRNewswire/ -- Vault12, the leading personal digital asset security platform, today announced the launch of its Digital Inheritance offering, the first solution suitable for all kinds of assets to offer a simple, direct and secure way to ensure digital assets can be passed down to and accessed by future generations. Digital Inheritance enables users to designate an individual, who could be the executor, trustee or beneficiary, that will be granted access to the entire portfolio of digital assets stored in a secure Vault upon the investor's death, eliminating undue risk of lost access and the need to continually update an inventory or issue updated instructions.
"While nearly 90% of cryptocurrency investors worry about experiencing an unexpected calamity or even dying with their assets, less than 25% have a documented plan to deal with that possibility, which leads to millions of dollars worth of crypto and digital assets being lost each year," said Max Skibinsky, co-founder and CEO of Vault12. "The space has lacked a real, cryptographically secure option when it comes to securely passing on your digital assets to your family. Realizing that the unbreakable security of crypto assets was also a challenging barrier when passing them onto the next generation, we built a decentralized peer-to-peer solution that would enable the easy generational transfer of digital assets."
Digital assets including cryptocurrency, financial information, legal documents, medical records and any other kind of digital asset can be added to a Vault12 digital Vault. The Vault is protected by a network of Guardians, who are trusted individuals that range from friends and family to business associates. The Digital Inheritance offering allows a recipient of the assets to be designated by the Vault owner from amongst the Guardians. A declaration of the Vault owner's intent is then digitally signed, transmitted to the designated recipient and shared with lawyers, as needed. Upon the passing or permanent incapacitation of the Vault owner, when the recipient is ready to access the digital assets, a predetermined number of Guardians confirm the request and the assets are restored and transferred to the recipient.
Vault12 Digital Inheritance has been designed to reduce the risks associated with managing digital assets and preparing them for future transfer with:
- Comprehensive Digital Asset Inventory: Designed to accept all forms of digital assets. When used to secure and back up an investor's full range of assets, it provides an up-to-date asset inventory to be inherited.
- Direct access for the designated individual: Offers a simple and direct way for the designated individual to gain access to digital assets without having to petition multiple organizations, financial institutions and/or authorities.
- Privacy Protection: Ensures that, unlike with multi-sig solutions, information about the digital assets is kept private and secure.
"Inheritance planning with digital assets can quickly become a complex process with the need to collect and distribute information on the owner's digital asset inventory and access instructions," said Philip C. Berg, Chairman of Privacy and Cybersecurity Practice, Otterbourg P.C. "In addition to privacy considerations, maintaining tight control over the inventory of assets is essential as this is difficult to complete later on. Any solution that protects the privacy of the asset inventory, the private keys, passwords, account numbers and other access instructions, and enables direct access by the designated beneficiary, trustee or executor, is a welcome and efficient solution for digital asset estate planning."
Vault12 Digital Inheritance is designed to be used as part of the inheritance planning process and can easily include Trusts and Estates attorneys, as appropriate. It is independent of the specific legal approach chosen by the owner of digital assets and can be used with a will, living trust or other approach to inheritance. Investors should always obtain legal advice to ensure that all their assets are comprehensively taken care of.
Vault12 Digital inheritance is part of the Vault12 app and is now available in the App Store, Google Play, macOS and Windows. Download on https://vault12.com/download.
Vault12 is the first personal crypto security solution to easily secure, store and protect crypto assets from anywhere in the world. Founded by security, cryptography, gaming and venture capital veterans, the platform utilizes Hierarchical Threshold Shamir's Secret Sharing and proprietary technology to protect private keys with a trusted network of friends, family and devices.