KEY FACT: UBD Network has rolled out DeTrust Wallet for decentralized inheritance management. DeTrust Wallet will enable the creation of complex inheritance plans, including designated spending funds. The wallet operated based on the Decentralized trusts protocol is expected to disrupt traditional trust systems by offering lower-cost, automated inheritance options.
Image Source: UBD Network
UBD Network Launches DeTrust Wallet for Decentralized Inheritance Management
UBD Network, a blockchain company focused on decentralized solutions, has rolled out a new web3 wallet called DeTrust Wallet for decentralized inheritance management. The wallet is designed to allow users to create tailored inheritance plans and set up delayed asset transfers, to ensure that digital assets are passed on securely. The development as conveyed in a blog post is billed to transform the way digital wealth can be handled and passed to the next generation.
Traditional inheritance systems are often ill-equipped to handle the nuances of digital wealth, leaving a gap in estate planning that can lead to complications and losses for heirs. Understanding this problem, the UBDN team offers a new way to make passing on digital inheritance easier. source
DeTrust Wallet, specially designed to prevent permanent loss of crypto due to unforeseen events like death or hardware failure, has built-in features like automatic asset recovery and secondary backup wallets. With this innovation, users can plan for inheritance transfer in a safe, efficient, and easy-to-use method.
According to the CEO of UBD Network, Ruslan Tugushev, DeTrust Wallet will make crypto inheritance possible directly within its interface. In his words:
“Decentralized trusts are here, and I believe they can provide an efficient, secure, and hassle-free way for crypto inheritance at a fraction of the costs of traditional solutions.”
DeTrust Wallet is designed to operate by the Decentralized trusts protocol. This protocol executes automatic asset recovery transactions to a pre-determined backup wallet after a certain period of inactivity to prevent the risk of permanent loss via death, human error, or hardware failure.
Being a self-custodial solution, decentralized inheritance is far more economical in terms of cost when compared to traditional trusts and is hinted to become a significant element of the crypto inheritance niche, according to Tugushev:
“Decentralized trusts will gradually become significant players in the inheritance market as more people start to realize how efficient and attractive they are for passing on crypto wealth to heirs compared to legacy solutions.”
DeTrust Cryptocurrency wallet. Source: UBD Network
In support of this novel crypto use case, Penguin Analytics reported a survey conducted on 13,500 high-net-worth families with up to $100 million in capital, revealing that 48% of capital founders for high-net-worth families were concerned that their families wouldn’t be able to inherit their capital and assets.
DeTrust Wallet which prides to provide the solution for the above, represents a shift in the way we think about digital assets and estate planning. It simplifies the inheritance process and serves as an innovative approach to asset management that could disrupt traditional financial systems.
This development is a step forward in making crypto and digital wealth management more accessible to everyone. Are you gonna try this out?
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This is a great idea, many heritance in the crypto market has been lost and many are still losing out, due to death and some other unforseen issues. I think the wallet is really targeted to a more recreational and system way of property management specially for crypto marketers. The article interesting and educative, but need know more about the demerits of this wallet in the feature. Because I am thinking of having one, thanks.
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