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 beneficiaries. 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.
Learn more about the steps in the Merging Process in the articles for the merge authority.
What are the critical conditions to be able to complete the Merging Process and unlock the secret Data?
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When using SafeKey Mobile app, all shares must have been claimed and verified by their beneficiaries.
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A successful initiation of the merging by activating the plan triggers.
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All triggers must have been validated by the plan owner or the person designated for this purpose by the plan owner.
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The minimum amount of shares must be uploaded by beneficiaries in order to meet the share threshold established by the owner of the plan. If available, backup shares can serve as a reserve.
Only when all conditions are met and executed will unlock the secret data.
Learn more about the Security of Inheriti.
Who initiates the Merging Proces?
The Merging proces can only be initiated by the Merging Authority appointed by the plan owner during plan creation.
How are beneficiaries involved in the Merging Process?
Only after initiation of the Merging Process and validation of the plan triggers by the plan owner, the other beneficiaries get involved. The Merge Authority will request the other beneficiaries to submit their shares for merging to unlock the confidential data. This process will be facilitated by the Inheriti® platform.
Does the beneficiaries need to be physically around the merge authority for the Merging Process?
You don’t need to be physically at the same place as the Merge Authority when you have your share in the SafeKey Mobile app. If your share is on a a SafeKey Pro device, you need be physically at the same place as the Merge Authority to have your share join the merging.
What if the merge authority is not able or willing to initiate the Merging Process?
In the unexpected circumstance that the Merge Authority becomes unavailable, the plan owner can create a new protection plan and designate a new Merge Authority to ensure continuity. You can also encourage your Merge Authority to create their own Inheritance plan with instructions for transferring their responsibilities in case of their unavailability. This proactive approach ensures the transfer of the responsibility even in unexpected circumstances.
If the Merge Authority is not willing to initiate the Merging Proces, then consider reaching out to the plan owner to see whether he is able to create a new protection plan. The choice of a trusted Merge Authority who is aware and informed about his role in the protection plan is important.
What if a shareholder does not respond to the email notification to join the Merging Process?
If a shareholder does not provide their share, the merge authority appointed to the protection plan can utilize a recovery share, if that was previously selected by the plan owner during the plan creation.