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Choose the Merge Authority

Last updated on Aug 23, 2024

What is the Merge Authority?

The Merge Authority is the person appointed by the plan owner during plan creation, who is the only one granted to initiate the merging process of a protection plan. For more information about the Merging Process.

What is the merging process of a protection plan?

When a protection plan is created, the secret data is fragmented and encrypted and divided into shares which are distributed among selected shareholders. When it is time to unlock the secret data, the shares are collected and merged under conditions set by the plan owner to unlock the secret data. For more information about the Merging Process: https://support.inheriti.com/hc/knowledge-base/en/categories/joining-the-merging-process-as-a-shareholder

What is the role of the Merge Authority in the merging process?

More information about the role of the Merge Authority can be found here.

What are the criteria to choose a Merge Authority?

Considerations are:

  • Trustworthiness: The Merge Authority is the only person who can initiate the unlocking of the secret data, so it is crucial to choose a Merge Authority that you trust and who understands their role.

  • Availability: The merge authority should be available to initiate the merging process, whenever needed.

  • Proximity to shareholders: Shareholders with their share on the hardware SafeKey Pro device need to physically attend the merging. In that case it is a consideration to choose a Merge Authority who is based in the same geographic area. Shareholders with their share on their mobile device with the SafeKey Mobile app, can upload their share online.

What are the benefits of a legal professional as Merge Authority?

On of the options is to use a legal professional as Merge Authority. Considerations are:

  • Knowledge and expertise: A legal Merge Authority has knowledge and expertise in inheritance planning, including laws and regulations related to inheritance, and tax implications. It might also be possible to find a legal professional that has knowledge of the specific field of the protected assets.

  • Drafting legal documents: A legal Merge Authority has the expertise to draft and review legal documents, such as a wil. A will can be crucial in outlining the terms and conditions of the legacy and protecting the interests of all parties involved.

  • Post-merger advice: After unlocking the confidential information, legal experts can aid in managing the aftermath. They can assist with executing a will and facilitate other related matters.