How exactly does the beneficiary system work: on-chain, off-chain, legal contract, or a smart contract?
During the onboarding process you will enter your Beneficiary’s name and email address.
If something happens to you, we need to receive your Death Certificate. Our team will check if the Death Certificate is valid with the State or any Jurisdiction you reside. If the certificate is valid, your assets can be transferred to your Beneficiary.
Your assets can only be transferred to that Beneficiary and no one else.
Legacy doesn’t have any access to your funds in any part of this process.
There is no legal contract between Legacy and you. Everything happens in a decentralized fashion.
Can I specify multiple beneficiaries, percentages, and time-based unlock conditions?
Legacy currently supports only 1 beneficiary but very soon you will be able to set multiple beneficiaries in the app.
What prevents a malicious actor from impersonating me or the beneficiary and triggering early access of my funds?
Legacy checks each Death Certificate with the State or Jurisdiction you reside in if it’s valid. If your government doesn’t have your Death Certificate in the records, your assets cannot be transferred to your Beneficiary.
If your Death Certificate is valid, then your assets can be transferred ONLY to the Beneficiary you set. It cannot be transferred to anyone else.
What if my beneficiary is not yet considered an adult in our jurisdiction?
Legacy does not operate as an estate planning service. Legacy software is a decentralized wallet recovery service that recovers your assets if something happens to you. Your Beneficiary could be a robot, a smart contract and is only recognizable by the email address.
Is this system legally recognized in any jurisdictions, or purely code-based inheritance? And what if that inheritance is contested?
Legacy does not operate as an estate planning service. Legacy software is a decentralized wallet recovery service that recovers your assets if something happens to you. Your Beneficiary could be a robot, a smart contract and is only recognizable by the email address.
Only you can set where assets should be sent if something happens to you, we have no control over it.