Introduction

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Abstract

The use of technology in inheritance services is relatively new. Most inheritance cases executed by lawyers or notaries are done in a traditional way with some exceptions of video-calling and remote signing with the help of technology. Other than the introduction of office automation software, the inheritance services industry has seen little development in hundreds of years. This is mainly due to the trusted role notaries and lawyers have for which there were no practical alternatives until the introduction of smart contracts built on decentralized blockchains.

The current role of technology in this industry is restricted to facilitating such cases. Testators and their legal advisors still have to contend with navigating the legalese of their jurisdiction. In most jurisdictions, only a part of a will can be made online. A few countries allow online wills to be made, including the UK, where a number of online services allow testators to draft a will online. However, a will is not the only document that can be created online. A holographic will is one that is handwritten by the testator and signed by them in front of two witnesses. Myend uses technology to disinter-mediate centralized models and enable the provisioning of legal & financial services anywhere for anyone regardless of ethnicity, age, or cultural identity. Myend services and app are mostly built on the public blockchain, built on the rails of common technology standards and offers innovative services custom-designed for the DeIN (Decentralised Inheritance) ecosystem. At the same time, Myend provides their users more control over their inheritance through a personal blockchain e-will. Myend’s DeIN (explained below) places technology at the front and center of transactions in the inheritance services industry.

Wealth preservation

A tailored wealth strategy can offer many long-term benefits. One of the foremost strategies for the preservation of wealth is to create a will. A will can be used to preserve wealth for future generations. It ensures that wealth is well looked after and is passed on to the rightful heir. An optimal wealth preservation strategy takes taxation into account, as a considerable amount of a person’s wealth can be lost to taxes, which can significantly affect the total estate’s worth. When holding any kind of assets, it is important to name a beneficiary. This person can be a spouse, child, sibling or parent. In the unfortunate event of death, the assets will be passed on to this nominee/beneficiary. In the absence of a nominee or in a situation where the nominee on an account does not match the one on the final will, the estate may be subjected to probate. Such a situation can lead to higher administration expenses, delay in the execution of one's final wishes, and be subject to unwanted publicity. Myend’s e-will helps users to prevent these issues and takes into account that a growing part of wealth is being stored in digital assets like crypto wallets, online services and off-bank deposit boxes.