Leaving a digital asset such as bitcoin to an heir does not automatically grant them access to the asset. Unlike traditional assets, there is no central authority for your heir to reach out to help them access your bitcoin, so unless you provide your heir with a way to access these funds, they could be lost forever. The Bitkey inheritance plan makes it possible for the funds held in your Bitkey wallet to be transferred to a designated beneficiary after your passing.
Setting up Inheritance is simple. Invite someone to be your beneficiary by sending them a message created within the Bitkey app, which includes an invite link and a code. Your beneficiary must have their own Bitkey device to accept the invitation. After your beneficiary accepts the invitation, reopen your Bitkey app to complete setup and activate Inheritance. Your beneficiary cannot view, access, or control your Bitkey wallet. You retain full control of your wallet and keys, and can change your beneficiary at any time. The only action a beneficiary can take is to initiate an inheritance claim.
Upon your death, your beneficiary will initiate an inheritance claim through their Bitkey app. Once the claim is initiated, a six-month waiting period begins. During this time, notifications will be sent to your app and any other enabled notification channels, alerting you that a claim has been initiated and giving you the chance to cancel it if it was initiated in error or fraudulently. At the end of the six-month waiting period, if the inheritance claim has not been disputed or canceled by either party, the claim will be approved. Once approved, the encrypted mobile key associated with your wallet is given to your beneficiary. When your beneficiary initiates the transfer of funds, your beneficiary’s Bitkey app will decrypt your mobile key, and in coordination with the Block server key, the funds from your Bitkey wallet will be transferred to your beneficiary’s wallet.
Note: Designating a Bitkey wallet beneficiary does not guarantee your beneficiary ownership of the funds in your wallet, only that they will be able to access the funds. Ownership of the funds in the wallet may be governed by a will, or other legal document which may take precedence over the beneficiary designation. We suggest you speak with an estate attorney or another licensed professional familiar with the legal requirements in your jurisdiction.
Read more about Inheritance and how we protect the security of your funds here.