Inheritance Plan
Every Guardian account comes with a built-in inheritance solution, to ensure clients can pass on their bitcoin to their loved ones.
The inheritance plan is always private by design with no counterparty risk. You maintain self-custody of your bitcoin until the moment it is passed to your heirs. No one else ever has custody. You can have a Trustee that assists your beneficiary or not — the choice is yours.
3 components create a simple, secure and flexible inheritance plan:
Magic Phrase
Each inheritance plan is uniquely identified by a simple 3 word phrase. The phrase will allow the Beneficiary or Trustee to locate the inheritance plan’s backup data stored on Nunchuk’s platform server.
Password
The inheritance plan’s backup data is protected by a password. You will need this password in order to recover the inheritance key during the claiming process.
Activation Date
The inheritance can only be unlocked on or after a pre-determined activation date that is configured and controlled by you. A beneficiary or trustee can initiate an inheritance claim after the activation date. Updating the Activation Date is a part of every Quarterly Client Review.
Flexible by design, choose the structure that is best for your situation:
- Direct Inheritance – your Beneficiary will possess both the Magic Phrase and the Password – which is all that is required to claim their inheritance, but only upon the future Activation Date that you set and have the ability to update.
- Indirect Inheritance – you have chosen to leave both the Magic Phrase and Password with a trusted person. This could be the Trustee of your estate plan. Upon the Activation Date, the Trustee can help the Beneficiary claim the inheritance on their behalf.
- Joint Control Inheritance – in this model, you split the Magic Phrase and Password between the Beneficiary and the Trustee. Upon the Activation Date, the Beneficiary and Trustee will need to bring together their respective data in order to claim the inheritance.