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 benefactor's encrypted mobile key is given to the beneficiary, enabling the transfer of funds from the benefactor's Bitkey wallet to the beneficiary's wallet. If the beneficiary has not yet initiated the transfer of funds, you may still be able to retain control of the funds in your wallet—provided you act quickly.
IMPORTANT: Bitkey cannot cancel a claim on behalf of a beneficiary or benefactor, nor can we cancel, change, or reverse Bitcoin transactions, under any circumstances.
The following banner will also be present in your Bitkey app:
Inheritance approved
To retain control of your funds, transfer them to a new wallet.
If there are funds in your wallet
If there are funds in your wallet that you wish to retain control of, we recommend you take immediate action by following the steps outlined below.
- Clear ALL the funds out of your Bitkey. Only send funds to a wallet address you control, ensuring you retain full control of your bitcoin. See How do I send bitcoin? for instructions.
- Create a new Bitkey wallet. Since your mobile key was shared with your beneficiary when the claim was approved, we strongly recommend creating a new wallet where none of your keys have been shared. See How do I set up a new Bitkey wallet if I already have an existing Bitkey wallet?
If there are no funds in your wallet
If there are no funds in your wallet, then your beneficiary has already initiated the inheritance funds transfer. Once a transfer has been initiated, it can NOT be canceled.
Since your mobile key was shared with your beneficiary when the claim was approved, we strongly recommend creating a new wallet where none of your keys have been shared. For instructions on setting up a new wallet, please see How do I set up a new Bitkey wallet if I already have an existing Bitkey wallet?
Note: The Inheritance approved banner cannot be dismissed and will remain permanently visible in your wallet, even after your beneficiary has initiated the inheritance transfer or if the beneficiary/benefactor relationship is terminated and no longer appears in your wallet. This banner serves as a reminder that an inheritance claim has been approved for your wallet and that one of your keys has been shared, compromising your wallet. If you are still alive and wish to continue using Bitkey, we highly recommend creating a new wallet with a new set of keys that have not been shared.