Estate management turns tricky when crypto assets such as Bitcoin are involved. Crypto wallets cannot be accessed without the associated private key, meaning that any assets they hold effectively die with their original owner if nobody else knows the key. Yet sharing that key before you pass on compromises the security of your holdings, an unacceptable risk no matter how much you may trust your intended heir(s). Writing it down is even worse, as then it could just be stolen.
C2Legacy is planning on providing a workable solution to this problem. Their blockchain-based service allows users to set up smart contracts that automatically execute when the account’s owner’s death is verified. The resulting process is private, secure, and foolproof, ensuring that your digital assets are distributed according to your wishes.
Here’s how it all works:
Passes Down Cryptocurrency Without the Need for a User’s Private Key
Digital assets are not physical objects or held in trust at large banking institutions, so there is no way to access them without the private key associated with any given wallet. This prevents most estate planning services from interacting with them at all.
The C2Legacy platform allows businesses and individuals with significant digital holdings to establish one or more smart contracts to distribute their assets however they see fit. First, the client makes their wishes known while they are still alive. They are free to amend their wishes until the day they die, just like a traditional will.
None of the smart contracts are executed until the C2Legacy system receives electronic confirmation of the policy holder’s demise, either through a digital Death Certificate from the United States Social Security Administration or a decentralized death certificate from a third party. Once confirmation is received, the C2Legacy platform automatically triggers all their client’s smart contracts on their blockchain, distributing digital assets without needing the original owner’s private key.
Secure, Efficient Process
As advocates of cryptocurrencies and other blockchain-based technologies know, the technology works by verifying each transaction and then using it as a “block” to build on previous transactions. This set-up requires potential hackers to penetrate not just one point in the blockchain, but multiple points at once to ensure that all blocks continue to agree always. This is effectively impossible, making all arrangements 100 percent secure from prying eyes.
C2Legacy is also a private service, meaning that nobody knows about your plans unless you choose to bring it up. If you have multiple heirs who may squabble over your estate, you can set it up so that each only knows what they are getting. If they do not know other assets exist, they can’t try to claim them against your wishes.
If you wish to leave your legacy to somebody who doesn’t yet understand what Bitcoin is, C2 Legacy can facilitate that too. If an intended recipient does not have their own crypto wallet, one will be made for them and funded with their inheritance. A C2Legacy representative will assist them in accessing their funds and explain how crypto works.
Founded by Technology Advocate
C2Legacy was founded by its current CEO, Marie-Antoinette Tichler. She is a remarkable woman who saw the need for a service such as C2Legacy when her son’s father unexpectedly passed away shortly after he (her son) started accepting crypto payments.
Tichler has a long history of helping to make technology more accessible where it is needed most. Her Growing Up Mobile program was designed to empower youth with technological access and knowledge and has since been assimilated into one of the largest youth outreach organizations in the United States.
She has also worked with at-risk teens on how technology can improve their daily lives. She discovered that many of them wanted to use technology to become entrepreneurs, a passion she was happy to assist with as a serial entrepreneur herself.
Overall, she is the perfect person to guide C2Legacy and digital estate management into the future.