The platform facilitates the easy and direct transfer of digital assets to a designated recipient upon passing.
December 08 2021
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. 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."
— Max Skibinsky, co-founder and CEO of Vault12
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.
- 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. 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."
— Philip C. Berg, Chairman of Privacy and Cybersecurity Practice, Otterbourg P.C.
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 now available in the App Store, Google Play, macOS and Windows. Download on https://vault12.com/download.
If you are a lawyer or a crypto investor please view our web seminar hosted by the Chamber of Digital Commerce, with
- Philip C. Berg, Otterbourg P. C.
- Jason Lederman, Senior Associate, Norton Rose Fulbright US LLP
- Wasim Ahmad, Chief Crypto Officer, Vault12
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(including Cryptocurrency Seeds, NFTs and Art)
Every digital asset you own should be backed up, protected and remain accessible. Cryptocurrency in particular is difficult to secure. With natural disasters, hackers, to badly implemented security, you are always at the mercy of others.
Vault12 Personal Digital Asset Security helps you recover, backup and provide legacy inheritance for all your digital assets, including Bitcoin, Ethereum, NFTs, other cryptocurrencies, private keys, seed phrases, digital art and of course, your crypto wallets.
Download Vault12 today – Try the free plan:
Pass on your Digital Assets to future generations
Vault12 Digital Inheritance is the first solution to offer a simple, direct, and secure way to ensure digital assets can be accessed by future generations. Digital Inheritance enables investors to designate an individual who will inherit their entire portfolio of digital assets stored in a secure Vault once the time comes, eliminating undue risk and the need to continually update an inventory or continually issue updated instructions.
Designed to be used alongside traditional hardware, software and online wallets, Vault12 helps cryptocurrency owners, ICO investors, professional cryptocurrency traders, and high net worth investors safeguard their digital assets without storing anything in the cloud or in fact any one single location. This increases the protection and decreases the risks of loss.
A digital Vault containing your digital assets is assigned to trusted people or devices, known as Guardians. Your Guardians can be adjusted as needed in real-time so that the appropriate number are always guarding your digital assets. No one can access your assets and only you get access when you need.
The Winklevosses came up with an elaborate system to store and secure their private keys. They cut up printouts of their private keys into pieces and then distributed them in envelopes to safe deposit boxes around the country, so if one envelope were stolen the thief would not have the entire key.
The idea behind Vault12 is how do we essentially split that responsibility, make that problem of key control less a technological one by essentially making it into a social one with networks of people that they trust.
Exchanges are the main target for hackers. Those are the biggest honeypots. So the number one rule in Crypto is, do not keep your money on an exchange, and if you're going to custody that money, you need to do it off of the exchange with a product like Vault12.
Security and usability are inextricably linked, the former cannot exist without the latter. Vault12 understands the need for end-to-end management of this experience as well as the importance of integrating into the prevailing crypto ecosystem
As we move to a more open financial system driven by advanced blockchain technology and cryptocurrency, we need smarter ways to ensure that the system is trustworthy. Vault12 does this by addressing a foundational need -- ensuring that your crypto assets are not only protected by decentralized security, but also by your trusted inner circle. Your private key never exists in one place or with one entity, reducing risks from hackers as well as everyday accidents.
Security is the lifeblood of industry, commerce, and leisure. As more people use decentralized applications, they will need a way to back up their crypto wallets and exchange accounts. Vault12 provides a simple and natural way to reduce risks and combat the fear of forgetting seed phrases and private keys.