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Creating a Protection Plan

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Steps in Creating a Protection Plan

What are the conditions to create a Protection Plan? As a user to create a Protection Plan, you must: 1. Be eligible to use the Inheriti Service. 2. Ensure your device is up-to-date and protected. 3. PC and Connection to the internet 4. Possibility to connect with a USB-A port if SafeKey Pro is used as storage method. < What are the steps in creating a Protection Plan? - Prepare yourself for the creation of your protection plan - Login into the Inheriti platform and have the SafeKey Pro devices ready or the SafeKey Mobile app downloaded to your mobile device - whatever you will be using for share storage. - Choose if you want to create a Data Backup plan or a Digital Inheritance plan. - Follow these steps: 1. Fill in the title and description of your Protection Plan. 2. Choose your Beneficiaries and the Merge Authority who will be the only person able to initiate the merging proces of the protection plan to unlock the secret data. 3. Choose the number of Recovery Shares and set the Merging Threshold which holds the minimum amount of shares needed to to complete the merging proces. 4. Choose the Storage Method for each beneficiary, either SafeKey Pro or SafeKey Mobile, and choose a Blockchain for the storage of the Inheriti smart contract. 5. Choose Triggers to make sure the merging proces will happen in accordance with your conditions. 6. Choose your desired Asset Package to determine the capacity for your secret data input and add the Secret Data. 7. Complete the creation of the protection plan with a review and the payment. - Inform Merge Authority and beneficiaries and if relevant, hand over SafeKeys Pro.

Last updated on Aug 23, 2024

Choose the Merge Authority

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.

Last updated on Aug 23, 2024

Choose number of Recovery Shares

What is a Recovery Share? A recovery share is an additional plan share to be utilized during plan merging in the event a shareholder loses access to their share. How do I choose the number of Recovery Shares? Recovery Shares are optional but highly recommended, especially in complex plans with multiple beneficiaries. Considerations when choosing the number of shares are for example: - Number of beneficiaries. - Trustworthiness of the selected Merge Authority. - Shareholder’s commitment to your protection plan. - Number of shares in the merging threshold. What is the risk of too few Recovery Shares? Too few Recovery Shares increases the chance that the minimum amount of shares needed to complete the merging proces is not reached in the event that one or more beneficiaries are unable or unwilling to provide their share. This would result in no access to the secret data. What is the risk of too many Recovery Shares? Too many Recovery Shares increases the chance that the Merge Authority can leave out beneficiaries. This would result in a decrease in the planned level of shareholder involvement intended by the plan owner when creating the plan. Why can I not choose a Recovery Share when I have 1 beneficiary? A Recovery Share cannot be included in situations where there is only one other shareholder besides the plan owner. This ensures that the consensus of the shareholder for the merging process holds significance. Where is the Recovery Share saved? Recovery Shares are saved in the smart contract of the protection plan on the blockchain. Only the Merge Authority can include this share during the merging process. Can a Recovery Share be used in case a beneficiary looses access to their share? A Recovery Share cannot be sent to a beneficiary to replace their share. It is an extra share located on the blockchain and only to be used by the merge authority during the merging proces to reach the share threshold set by the plan owner.

Last updated on Aug 31, 2024

Choose Merging Threshold

What is the Merging Threshold of a protection plan? The Merging Threshold is the minimum amount of shares needed to complete the merging proces of your protection plan. This number can be lower than the number of chosen beneficiaries, but not higher. For example, if you choose 5 beneficiaries and choose a Merging Threshold of 3, the merging process can be completed with any 3 out of those 5 shares. In the event that two shareholder are unavailable or unresponsive, their missing share won’t prevent the merging process from proceeding, as long as the minimum number of required shares is met. How do I choose the Merging Threshold? Considerations when choosing the Merging Threshold are for example: - Number of beneficiaries. - Beneficiaries’ commitment to your protection plan. - Number of Recovery Shares selected. What is the risk of setting a Merging Threshold too high? A Merging Threshold thats is set too high will increase the chance that the minimum amount of shares needed to complete the merging proces is not reached in the event that one or more beneficiaries are unable or unwilling to provide their share. This would result in no access to the secret data. What is the risk of setting a Merging Threshold too low? A Merging Threshold that is set too low will increase the chance that beneficiaries can be left out of the process. This would result in a decrease in the planned level of shareholder involvement intended by the plan owner when creating the plan. Also, the selected number of Recovery Shares is important. A low threshold paired with a high number of shares allows for the Merge Authority to merge with minimal involvement from other beneficiaries. Credibility of the Merge Authority is crucial. Click here for more information about Recovery Shares and here for more information about Choosing your Merge Authority. How can I minimize the risk of a shareholder failing to provide their share? - Carefully choose your beneficiaries: Choose individuals you trust and who understand the importance of their role. - Educate your beneficiaries: Ensure that all beneficiaries are informed about what is required of them and the impact of their participation. - Create a flexibel, but yet secure, share threshold: ****Whenever possible, use a threshold that provide flexibility in case of unresponsive beneficiaries. - Include recovery shares: Include recovery shares in your plan to cover any unexpected situations where shareholder is unavailable. How can recovery shares help me be flexible with the shares threshold? For example, if you’ve designated 3 beneficiaries and 2 backups shares, and one shareholder fails to provide their share, one of the backup shares can be used to fulfil the threshold, ensuring that the merging process can continue without interruption. Click here for more information about Recovery Shares.

Last updated on Aug 23, 2024

Choose Storage Method

What is a Storage Method? Storage methods refer to various ways of storing beneficiaries' shares. There are two Storage Method options available: storage on a hardware device with the SafeKey Pro, and storage on your mobile device with the SafeKey Mobile application. More information about the SafeKey Mobile app: SafeKey Mobile. More information about the SafeKey Pro device: SafeKey Pro. SafeKey Pro device or SafeKey Mobile app? Both Storage Methods have different characteristics and offer different benefits. The SafeKey Pro is a specialized hardware device that provides robust offline storage for your shares. Cold storage ensures that your shares are physically isolated from the internet, protecting them from cyber attacks and unauthorized online access. The SafeKey Mobile app enables you to securely store your protection plan shares on a mobile device. Mobile storage allows you to carry your encrypted shares with you and claim or release them easily from your mobile device. What are the technical requirements to use the SafeKey Mobile app? More information about technical requirements to use the SafeKey Mobile app: SafeKey Mobile. What are the technical requirements to use the SafeKey Pro device? More information about technical requirements to use the SafeKey Pro device: SafeKey Pro. Can I adjust the Storage Method afterwards? No. The storage methods are determined for each shareholder during the creation of the plan and cannot be changed afterwards.

Last updated on Aug 23, 2024

Choose Verify Ownership option

What is Verify Ownership for mobile shares? Verify Mobile Ownership is an advanced security feature that confirms ownership of mobile shares to ensure those shares can participate in the merging process. In the Standard Mode of the Inheriti plan, the verification is done by Inheriti. In the Advanced mode, the plan owner can choose to have the verification done manually by the beneficiary holding the mobile share. For information about more security measures: Security of Inheriti. What are the options for Verify Ownership? In the Standard Mode of Inheriti, the verification of ownership of your mobile share is processed automatically by Inheriti. You won’t even notice this additional security measure is executed. In the Advanced Mode, you have the ability to choose the verification method. 1. Inheriti - automatic verification done by Inheriti: Inheriti processes the verification for SafeKey Mobile users in the background. 2. SafeKey Mobile User - manual verification done by shareholder: SafeKey Mobile are requested to manually verify their shares after they have claimed their share in the SafeKey Mobile app. This can be done by either scanning the QR code or using the deep link, both provided in the Notification Email sent after plan creation. For information about more Inheriti security measures: Security of Inheriti. How to choose SafeKey Mobile User or Inheriti as Verify Ownership option? When selecting a verification method, consider the following: - Inheriti: This automated option provides convenience by handling verification by Inheriti on behalf of shareholders, but it is less decentralized compared to the manual method. - SafeKey Mobile User: This manual option is more decentralized and offers enhanced security, but requires shareholders to complete the verification process using the unique, one-time QR code and deep link send to them in the Notification Email after plan creation. This Email is also required for re-claiming & verifying a share in the event access to the mobile device is lost. This is only possible if the user has chosen to have a backup of the share remaining in Inheriti’s vault.

Last updated on Jan 08, 2025

Choose the Blockchain

How is blockchain involved with Inheriti? The highly secure and innovative blockchain technology is utilized for the storage of Inheriti's smart contract. The smart contract is involved in the decentralized merging proces and stores the recovery shares when selected by the plan owner during plan creation. Inheriti is a multichain solution that operates on multiple blockchains. Which blockchain can I choose to store the Inheriti smart contract? You have the option to choose from three blockchains: Optimism, Ethereum, and vechain. What does the pricing behind the blockchain means? The pricing behind the blockchain refer to transaction costs for the Inheriti smart contract on that specific blockchain and reflects the actual expenses. How do I choose the blockchain? The choice of blockchain to store the smart contract on, will mostly be based on personal preference and costs. Another aspect you might find important are the companies behind the blockchains and the specific personal data compliance regulations they follow. What are characteristics of vechain? The vechain company follows European regulations (GDPR). Vechain is the blockchain that’s selected by default, with no additional fee. What are characteristics of Ethereum? Ethereum is highly decentralized blockchain and there is no company behind it. The costs are potentially higher due to variable transaction fees. What are characteristics of Optimism? Optimism provides the security of Ethereum but with lower costs and higher throughput. The Optimism company follows U.S. regulations.

Last updated on Aug 23, 2024

Choose Triggers

What are Triggers? Triggers play a crucial role in unlocking the secret data in a protection plan. The plan owner's response to the Triggers ultimately determines if the unlocking of the data can proceed or if the secret data must stay locked. The plan owner can choose (a combination of) different Triggers. How do Triggers work? When the merging process is initiated by the Merge Authority, the triggers selected in the protection plan are activated. Each Trigger has its own way of reaching out to the plan owner, all with the purpose of getting a response and be validated within the specified time period set by the plan owner passes. The Triggers function differently in Data Backup plan and Digital Inheritance plans. In a Data Backup plan, all triggers must be confirmed by the plan owner before the merging of the shares can continue. In a Digital Inheritance plan, only the confirmation of one trigger is enough to stop the merging process and keep the secret data locked. What Triggers can I choose? When choosing Triggers, it's crucial to understand their purpose and how they operate within Data Backup and Digital Inheritance plans. Inheriti offers a range of Triggers: - Login—you must log in to your protection plan within a specified time period. - Link click (sent in an email)—you must click on a link sent to you by email within a specified time period. - SMS—you must type in a secret code sent in by SMS within a specified time period. - Phone call—you must type in a code sent to you by automated phone call within a specified time period. When selecting SMS or phone call, you can specify the desired quantity for each in your plan. This number determines how many times the Trigger can be utilized. It is important to note that in a Data Backup plan, all Triggers must be verified in order to access confidential information. You can add more SMS and phone calls to your plan at any time by accessing the Plan Details tab. What is the risk of too many Triggers in a Data Backup plan? In a Data Backup plan, the plan owner needs to confirm all triggers to continue the merging process. The more Triggers you choose, the more Triggers you need to confirm within the specified time period. What is the risk of too little Triggers in a Digital Inheritance plan? In a Digital Inheritance plan, the plan owner needs to confirm only one Trigger to stop the merging process. The less Triggers you choose, the less opportunities you have to block the merging process if it is not time yet.

Last updated on Aug 23, 2024

Use of a SHA Voucher

What is a SHA Voucher? SHA (Safe Haven) is the native token utilized by the Inheriti smart contract for storing protection plan data on the blockchain. One of the benefits for SHA holders is the possibility to exchange SHA tokens for a SHA Voucher that provides a prepaid setup fee for your protection plan and discount on total protection plan price at checkout. More information about SHA and the benefits of being a SHA holder in: SHA Holders Benefits. What are the benefits of a SHA Voucher? - A prepaid setup fee of €4.99 for your protection plan. - A 5% discount on the total protection plan price at checkout. How do a purchase a SHA Voucher? A SHA Voucher can be purchased via a link in the menu bar of your Inheriti account. Please take note that amount of SHA required for the SHA Voucher varies with the live market price of SHA. How do I connect my SafeNode to Inheriti? 1. Ensure Advanced Mode is enabled in your profile settings: https://app.inheriti.com/profile?tab=settings. 2. Verify that Web3 Mode is enabled: https://app.inheriti.com/profile?tab=web3. 3. Link your SafeNode to your account: https://app.inheriti.com/profile?tab=safenode. Once your SafeNode is linked, your discount code will be automatically applied when you create your plan. How do I keep track of my SHA Vouchers? In your Inheriti account you’ll find an overview of all purchased SHA Vouchers. How do I include a SHA Voucher in the purchase of a protection plan? The SHA Voucher code can be easily inserted during the payment process of your protection plan. What is the validity period of a SHA Voucher? The SHA Voucher has an unlimited validity period. Is the SHA Voucher included in the invoice? No. The SHA Voucher is not included on the invoice. Can I exchange a SHA Voucher for fiat? No. The SHA Voucher can not be exchanged for fiat or any other (crypto) currency. Can I get a refund? No. There is no refund for the SHA Voucher possible.

Last updated on Jan 08, 2025

After Protection Plan creation

What do I need to do after creating my protection plan? After the creation of a protection plan you need to take care of a couple of things: - Ensure the Merge Authority is aware of their responsibilities and maintain awareness of their availability and willingness to serve as a Merge Authority for your protection plan. Click here for more information about the Role of the Merge Authority. - Hand over the SafeKey Pros to your heirs and inform them about what they are and how to safeguard and use their SafeKey Pro device. - Make sure all mobile shares are claimed, and their ownership is verified for your protection plan to become active. You can track progress in your plan overview in the Inheriti account. - Keep up to date with Inheriti developments and new features. What if I want to add new secret data or change my beneficiaries? Once a protection plan is made, there is no way to adjust the secret data, the plan triggers and the beneficiaries and their contact information. The whole plan is locked in a contract on the blockchain. The characteristic and power of blockchain is that it cannot be changed afterwards. If you want to adjust or add information the only thing to do is create a new or additional plan. What if I want to delete a protection plan? The best way to delete a protection plan is to go to your Inheriti dashboard and click the “Destroy” button. This action initiates the process of making the secret data unrecoverable and will make the shares associated with it unusable. Once destroyed, the Merge Authority cannot initiate the merging process, and the data becomes irretrievable.

Last updated on Aug 23, 2024