Lawyers working in the estate planning sector are growing concerned about the logistics involved with safeguarding crypto assets for their clients. Practicing attorneys are paying more attention to new investments for the younger generation of Millennials and Gen-Z clients that are picking up crypto tokens and NFTs as part of their portfolios.
According to a report, investors are being advised to properly account for their assets so that a trusted entity can legally transfer them to comply with the terms of their last will and testament. Safe Haven is serving as a solution to this issue.
Safe Haven Solutions
It has been advised that attorneys familiarize themselves with the technology. The reason is they will be getting an increasing number of clients that have made crypto investments.
“The traditional estate planning process changes a bit in terms of the steps needed to properly account for these new types of assets,” stated Andrew Rossow, who penned the article.
The platform acts as a bridge between the traditional and digital inheritance markets. It utilizes a combination of blockchain and Hardware Security Module (HSM) device technology (utilizing Safe Haven’s own “SafeKeys”) to safely distribute heavily encrypted pieces of inheritance information to separate cold-storage devices.
The owner of the estate or assets first needs to create a single sign-on account with SafeID to access the Inheriti platform. There are several plans available. One plan is “Family Circle,” which enables a selected group of users to access the account and decentralized inheritance plan.
Safe Haven’s technology splits the private key seed phrases into separately stored “shares” for later use. None of the secret data itself is actually stored in Safe Haven’s back-end repositories.
The owner enters the details of the beneficiaries. The owner can also nominate someone to merge these shares in order to access the locked data.
For attorneys, Safe Haven’s Inheriti presents the perfect opportunity to extend estate planning services to this niche sector. At the same time, Safe Haven safeguards the ultimate safety of clients’ data.
In February, Safe Haven launched a year-long staking program for its native token.
SHA Token Outlook
The protocol has its own utility token called SHA. This token has taken a beating with the rest of the crypto market over the past week.
Prices have dropped 30.5% over the past week to $0.0044. SHA is currently 73.6% down from its April 11 all-time high.
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