Until an inheritance event takes place, the owner is still in full control of his Vault and there are no assets actually given to the beneficiary until such an event. Should the beneficiary predecease the owner, there are a number of options available:
a. The owner can designate a new beneficiary.
b. The owner, as a part of their inheritance planning, can disclose the contact details of their Guardians in their Will, and subsequently, when the time comes to access the assets, the executor or other legal representative can ‘follow the will’ of the deceased owner and instruct the original Guardians to initiate a restoration of the assets.
c. If the original Vault owner has passed away and the beneficiary has also passed away before accessing the assets, but the original owner’s phone OR other Guardian devices are accessible, then the assets can be recovered via a simple recovery request in the Vault12 app by directly accessing the devices if Guardians or relatives in possession of these devices consider this to be a prudent course of action.
In simple terms, Vault12 Digital Inheritance makes the ironclad, impenetrable access rights of crypto assets a bit less of a binary “black and white” option and allows a small group of carefully selected Guardians to make a decision in the case of a totally unforeseen circumstance based on social context rather than pure mathematical cryptography.