No seed phrase–no inheritance

With a traditional financial structure, the assets of the deceased are distributed according to the guidelines laid out in their will. If someone dies without creating a will, their assets are automatically distributed in keeping with the laws of their country (or state) of residence. Most of the time, that means that assets will be distributed according to the surviving relatives’ closeness to the deceased. In the crypto environment, there is no such structure. To start, many crypto holders don’t want to share their wallet with their relatives, sometimes going as far as to hide ownership of said wallet from relatives in order to avoid confrontation. However understandable, holding crypto without sharing access can cause a major loss of family wealth in the case of an unexpected death.
Though even if the deceased did leave a seed to more than one person, known as multi- signature, there’s no way to be sure that the designated amount will reach the intended recipient. With sums of fiat currency, there is a legal structure in place to ensure that all assets are distributed as intended. But since crypto is free of a governing third-party, there is no inspector or arbiter to carry out the wishes of the deceased. Instead, each crypto recipient must rely solely on the goodwill and honesty of the others.

Kirobo’s Solution: Decentralized Inheritance

A backup is something that you usually want to occur very quickly. For example, you’ve lost your seed, and you want to access your money right away. An inheritance, on the other hand, is very different. You don’t want to transfer your funds in such a short period of time to avoid mistakes.

What you can do is to schedule the inheritance that will happen only if the backup occurs, and schedule the inheritance for a significant time difference after the backup.

For example, if your current wallet is inactive for one month, the funds are transferred to the backup wallet. Then, if the backup wallet is inactive for a period of 12 months, the funds are distributed to the wallets you defined, according to the percentages you set.

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