Have you ever thought about what happens to your cryptocurrency investments after your death? Whether you pass on testate (with a will) or intestate (without a will), Safe Haven’s SHA token seems to provide a solution. By allowing you to plan ahead to ensure that your digital assets are passed down to those intended in a secure and transparent manner, Safe Haven will become the future of crypto-vesting.
What Happens To My Digital Funds When I Die?
If you were to get hit by a bus tomorrow and die, what would happen to all your digital assets? When it comes to estate planning, individuals inevitably need to plan ahead for the future of their property and assets. This is no different when it comes to digital assets.
With cryptocurrency, funds are protected to the fullest through encryption and storage on a blockchain. But what happens to those digital assets when their holder dies? How are they made accessible to loved ones or friends?
Welcome to Safe Haven’s SHA token, an ERC20 token. Operating on the Ethereum blockchain, SHA aims to fuel a platform designed to encrypt an individual’s digital assets. “I have children, and the biggest question I have is, if something happened to me tomorrow, how can I ensure that my wife and children have access to my funds?” said SafeHaven co-founder Logino Dujardin.
Recent hacking attempts and successful hacks on exchanges and wallets make it necessary for individuals to start thinking about encrypting their digital assets, such as private keys to exchanges, social media passwords, and other documentation from their safes.
The token allows Safe Haven to encrypt these assets and then distribute shares to individuals named in one’s will. The advantage is that, since assets are stored on the blockchain, they are not accessible to anyone but the holder of the token/shares.
How Are Shares Distributed?
As long as the individual (initiator of the token) is alive, they retain 100% control of their funds. Once they are deceased, shares are distributed according to the legal document to loved ones or relatives. Without all the shares together, the assets cannot be retrieved. Well, that could make family disputes really long…or really short-lived.
The Legal Field Needs To Jump On Board
Of course, while traditional estate planning is slowly starting to adapt to the online world, individuals need to caution themselves when it comes to securing their online assets. Once they are gone, they are gone. Today is the day to start planning.