Crypto Will

Pass on your digital legacy on-chain for the ones you love.

Crypto Will is where it all began.

Crypto Will is an inheritance technology to leave on-chain assets behind for beneficiaries.

We've built an entirely on-chain, crypto native system to pass on your digital legacy when the time comes.

Summary

Billions in value are locked away forever due to the fragile mechanism of self-custodied wallets. Managing private keys and seed phrases as a crypto-native is hard enough - but what happens to the assets we leave behind?

As our portfolio of digital assets grow in size, and in value, it's more necessary than ever to have management tools for when the unexpected happens. Just as you have an inheritance plan for your 'real-world' assets, you should have one for your crypto.

Welcome to the Crypto Will.

How it Works - Setup

Webacy uses a proprietary on-chain activity monitoring system that passively monitors your wallet(s). The system is completely passive - there is no need for the user to "contact us every x months," and so on.

When a user originally sets up their Crypto Will, they will need to connect their wallet. The user will add beneficiaries by assigning beneficiary wallet addresses within their account. In the future, Webacy plans to enable web2 native ways to assign beneficiaries (through email, phone, and other methods).

The user will then select which assets they would like to protect. A user can choose to protect all assets, or they can select just the ones that are most important. The user will need to decide which assets go to which beneficiary, in the case that they have listed multiple beneficiaries.

ERC-20 tokens can be distributed by percentage. ERC-721 and ERC-1155s will need to be assigned individually.

The user will finalize their Crypto Will - and that's it. The protection plan is in place. As the user gains more assets in their wallet, they will need to update their Crypto Will by going through the steps above and adding new assets.

Note: The user will need to pay gas fees to finalize the approvals. The cost of the gas fees will change based on network congestion, number of assets being protected, and other factors.

How it Works - Claiming

After a period of complete inactivity, the system enters a grace period, during which Webacy will trigger multiple notifications in an attempt to contact the original user.

After the grace period passes with no activity from the original user, the Dead Man Switch will trigger, granting beneficiaries the ability to claim assets.

In order to claim assets, the beneficiary will connect to Webacy's beneficiary portal with the wallet address originally assigned in the Crypto Will. From there, they can select which assets to recover from the original user's accounts.

Note: When the Panic Button is executed, there will be a 1% fee on fungible (ERC-20) tokens sent through the transfer.

A Legal Note

Inheritance and estate planning is a topic tied closely with local and federal jurisdiction. Webacy is a tool to help users set up their own protection plans to manage their crypto assets. Thus, it is the user's responsibility to ensure that the regular will, and the Crypto Will align.

By utilizing Webacy's Crypto Will, the user is acknowledging and agreeing to the personal legal responsibility surrounding estate and inheritance laws in their jurisdiction.

Benefits

• Trustless: Webacy never takes your private keys, seed phrases, or passwords. We will never ask for them, we do not want them. Our technology works through approvals and smart contracts.

• Decentralized: No need to leave your access instructions with a lawyer or close friend. Nobody else has access to your assets - not even Webacy.

• Mutable: You can update your Crypto Will with new assets in just a few clicks. You can also revoke your approvals and change your allocations at any time.

• Private: We do not require a user's personal information to utilize the Crypto Will.

• Passive: We don't need to bother you with annual or monthly check-ins for proof-of-life.

Considerations

• Assets are never automatically transferred. Assets remain in the user's original wallet until someone (the original user, or the beneficiary) makes a transaction to move the asset.

• Assets are never staked, held, locked, etc. - the user may continue to move assets in and out of their wallet as usual.

• Although Webacy does not require personal information from the user to utilize our services (email, phone number, etc.), our notification system works best when we have a way to contact you. We recommend entering a method of contact in our system.

• For now, Webacy requires a beneficiary email to be able to contact them when the time comes. The beneficiary will never be notified prior to the Dead Man Switch activating - and in most cases, will not even know they are a beneficiary until the day comes.

• In order to manage abandoned assets, beneficiaries will have up to a year to claim assets left to them. If a year goes by without the assets being claimed, the assets will be transferred to a recovery pool.

Q&A

What is the length of the time after which the Dead Man Switch will be activated?

The Dead Man's switch will be activated 14 Months after there has been no wallet activity.

How long do beneficiaries have to claim assets after Dead Man Switch has been activated?

Beneficiaries have 1 year (12 months) to claim assets.

Is it possible to reverse your digital assets after Dead Man Switch is activated?

Some users might get worried about the grace period and Dead Man Switch. In the case that somehow, the user is still alive but was off their devices for a prolonged period of time including emails, is it still possible to reverse the cryptocurrency assets after Dead Man Switch? Yes. Any transaction originating from the user's wallet will reset the monitoring system and revoke the claim capabilities of the beneficiaries.

How do access instructions get passed on if Webacy does not have access?

While Webacy does not have access to your private keys, seed phrases, wallets, or digital assets, we can see the optional email addresses you list for your beneficiaries, and therefore Webacy automatically sends email instructions to your beneficiaries.

What if the email is dead/inactive? What safeguards are in place to ensure that the beneficiary actually receives the funds?

The user is responsible for maintaining an updated and accurate Crypto Will. Webacy's Crypto Will is a tool, and does not replace official inheritance planning. Legal responsibilities remain on the user to comply with.

What happens once assets are in the recovery pool? Can beneficiaries still claim them?

Once assets are transferred to the recovery pool, beneficiaries no longer have claim to them.

Setting up your crypto will

1. Go to app.webacy.com and click “Connect Wallet”. Select your wallet provider (ex: MetaMask, Coinbase or connect via WalletConnect)

2. Click “Sign” on the prompt in your wallet. This signature is necessary to read the wallet address on-chain and prove ownership of the wallet (like when you connect your wallet to OpenSea!). There are no approvals or transactions associated with the signature.

3. On the Dashboard, select “Crypto Will" and then "Add your Beneficiary". Specify the first beneficiary that will have access to your assets. Your beneficiaries will eventually inherit all your assets once your wallet inactivity time has lapsed. Please be careful who you assign them to.

4. Add the beneficiary's wallet address, ENS or UNS and hit "Confirm & Add Beneficiary". You can then decide to add other beneficiaries if you have more than one.

5. Assign Assets. Review all your assets and individually assign them to your beneficiary (or beneficiaries) of choice by clicking the beneficiary dropdown button to the right of the asset.

6. Approve Beneficiaries. Once you've assigned your assets, click "Approve Beneficiaries". Finalizing approvals is what writes and encrypts your information, and ensures your assets will be moved to the proper address in the event the dead-mans-switch is activated. This should take a few seconds to complete.