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Legal aspects of an Inheritance plan

Last updated on Aug 23, 2024

Is an Inheritance plan considered a legally binding will?

No. A protection plan arranges the transfer of digital information and assets to the people that you fill in as beneficiaries, this is not the same as a legally binding will. Please check with your local legal advice what to do to make it a legally binding will that complies with the legal requirements of the country.

Does Inheriti require consultation with a legal advisor?

Using Inheriti doesn’t require legal consultation. But, if you want to use your protection plan as a legally binding will, we do advice you to seek local legal advice to ensure that the plan complies with local legislation and is executed as a legally binding will whenever relevant.

How can I ensure my protection plan is recognized under local laws?

Each location has its own distinct set of laws that dictate how inheritance should be handled within that specific region. Best is to seek local legal advice to ensure that the plan complies with local legislation and is properly executed whenever relevant.

How can I make my digital assets part of my official will?

You can include your protection plan in your official will. The advantage of using Inheriti is that your secret data is well secured and not in possession or safeguarded by third parties, giving you complete control and privacy. Including your protection plan in your official will can help avoid conflicts and confusion among family members after passing, and ensures that your digital assets are transferred in accordance with your wishes. It also provides a legal document that can be used to enforce your instructions and protect your digital legacy.

What are risks of not having a legally binding will alongside my protection plan?

Without a legally binding will, there is a risk that the decentralized inheritance plan may not hold up in a court of law. Also, state laws have their own rules and regulations regarding inheritance and may not recognize or adhere to a decentralized inheritance plan.

What are relevant legal considerations when creating an Inheritance plan?

An Inheritance plan arranges the transfer of secret data that gives access to digital information and assets to people you appoint.

Legal consideration that could affect how the inheritance plan is created and executed, are:

  • Legislation on inheritance: it is important to consult the legislation of your country to understand how inheritance is regulated. In some countries, only blood relations are officially allowed, while others allow for wills and donations.

  • Marriage contracts: If you are married, check the marriage contract to understand which part of the assets can be inherited and which part remains with the surviving spouse.

  • Legal heirs: It is important to determine who your legal heirs are according to the legislation of the country in which you live. This can affect who officially inherits the assets.

  • Taxes: Beneficiaries are often subject to inheritance taxes on the assets they inherit. It is important to understand the local tax legislation and take them into account.

It may be wise to seek local legal advice to ensure that the plan complies with legislation and is properly executed whenever relevant.