If you died Tomorrow, would your Cryptos sit forgotten on a Blockchain forever?
If the unexpected happens would your family find and access your crypto assets?
Even if your portfolio is modest, it may be worth a lot more in a few years time. Therefore your crypto should be protected. You need to have a “Crypto Handover Plan” in place.
What is a crypto handover plan
A crypto handover plan is a set of instructions and information that enables your loved ones to access your assets, in the event of your sudden passing.
Many investors have lost crypto assets forever because they thought they had time to arrange their affairs. Matthew Mellon’s family lost $500 million [Forbes]. More recently, the unexpected death of Quadriga CX’s CEO lost customers of that exchange $180 million since “only he had the passwords!” [Bloomberg]
Although the need for crypto handover planning is undeniable, making a plan isn’t easy. There are so many details and risks to consider.
This is where NestEgg comes in…
What is NestEgg?
NestEgg is a browser-based application designed to help your Beneficiaries access your crypto assets in the event of your sudden death. Using NestEgg you minimize the risks involved in handing sensitive information to your Beneficiaries.
You use NestEgg to:
- Build an inventory of your crypto assets.
- Record personal messages and instructions for your Beneficiaries.
- Manage a list of trusted people (“Trustees”) who will carry out your wishes, if the unexpected happens.
Some important points…
- You do not store your passwords or private keys in NestEgg. There is never a need to entrust Passwords or Private Keys to NestEgg.
- NestEgg does not transfer your crypto assets. Only your Trustees can transfer your assets. NestEgg does not manage, store, transfer, or come in contact with your assets in any way.
- NestEgg will email you routinely on a schedule that you choose. Only if you become unresponsive to our emails will these details be sent to your Trustees. Until then, the information in your handover plan remains completely confidential and available only to you.
How do I use NestEgg?
The NestEgg application is divided into five steps, which you complete in order.
Some steps will take minutes to complete. One or two will take longer. You can save your progress at any time and return to the application when you are ready to continue.
Keep in mind that it will probably take a few sessions to get your first plan live. We’ve had plans set up in as little as three hours, but yours may take longer.
What help and guidance can I expect?
NestEgg has developed an online e-learning course to help you develop your plan. Simple video walkthroughs and brief written information explain each step, guiding you through the process.
The course has less than two hours of material – you will not likely use it all.
People who use the course to build their crypto handover plan receive three months free subscription to NestEgg. So please, check it out, there are links at the end of this article.
How does NestEgg help reduce risks?
The main areas where NestEgg reduces risk are
- By managing your Trustees.
- Sanitising the Access Information Trustees need to access your assets.
- Avoiding ‘Hackable’ centralised databases y saving your Information on the Ethereum Blockchain.
Sanitizing your Access Information:
Using NestEgg your Access Information” (i.e., the information used to access your crypto assets) is split across two sets of documents. These documents are written in such a way that someone would need both sets of documents to access your crypto.
These documents are only sent to your Trustees if you’ve lost contact with the NestEgg Application. Some Trustees receive one document, other Trustees receive the other document.
By the way, you only load one set of documents into NestEgg. You manage the other set with a Trustee (or two) outside of our application. So that way even NestEgg is not in possession of both sets of documents needed to access your Crypto Assets. Only you have that access.
Don’t worry if this seems complicated. The NestEgg application and our e-learning course will lead you through the steps involved in setting this up.
NestEgg also manages your Trustees. You add Trustees into an “opt-in mailing list” you manage with the NestEgg application. You can add, edit or change Trustee details quickly, as needed.
Our e-learning course helps you select Trustees to help you. We discuss the skills your Trustees need and offer advice and guidance on how to ensure your Trustees work together to ensure your wishes are followed perfectly.
Once again don’t worry if this all sounds complicated. The NestEgg e-learning course will help you set up your plan step-by-step.
Avoiding Centralised Databases
Your NestEgg information is stored on your own Computer, in a password protected, encrypted file.
When you put your plan “Live” and start to use NestEgg to protect your loved-ones then your information is saved into your own, dedicated Smart Contract on the Ethereum Blockchain.
Oh and NestEgg is anonymous. We do not ask you for your Name or other identifying details other than an email address.
We do this to ensure that your information is encrypted, secure and anonymous when saved.
How does the Handover Planning Process work?
The first-draft of your Plan will ensure you get you and your family protected quickly, we will get it in place quite quickly, but it will not be ‘Perfect’. From there we will return to your Plan a few times to improve it.
It’s important to understand that your crypto handover plan is a living document, which you will keep updating, refining and revising over time. Crypto Handover Planning is a process, not a one-time task.
Avoid Loose-End Paralysis
When you begin developing your plan, you will inevitably discover some loose ends and items that you’d like to improve on. Some tasks that ‘oh if I do that now my Plan will be so much better for it’. We will make a list of these loose-ends and come back to them AFTER your first-draft plan is live. This approach prevents you getting overwhelmed with loose-ends and ensures you get protection in place for your family quickly.
The NestEgg Application and e-Learning Course will both go live in May 2019. If you wish to be informed of the launch details please follow us on Twitter or join our Mailing List (links in the footer of our website).
DISCLAIMER: Nothing in this article should be considered as legal advice. This article and all others on www.nestegg.io are informational and are provided without warranty or guarantees.
We encourage you to involve a Lawyer and/or Accountant in planning your Crypto Handover Plan as we discuss in some of our instructional materials.