Casa Covenant is a bitcoin inheritance service and protocol available at Casa's Diamond membership level only.
A basic concern with anyone who owns valuable assets is: "What happens to my assets if I die?"
With Casa Covenant, we’ve built a Bitcoin inheritance service and protocol that allows you to securely pass on your bitcoin to whomever you designate, while minimizing the risk that someone can steal these funds in advance of your death.
"Why do I need special inheritance planning for my Bitcoin?"
Since banks hold your money for you, they can pass it on to your heirs after you die. If you are holding bitcoin and managing your own keys however, there is a catch-22:
For your heirs to be able to access your Bitcoin, you have to give them instructions on how to access it before you die. However, if you do, there is a risk that they or someone else who stumbled upon these instructions could use this information to steal your money before you pass away.
Because of this, most people don’t have a solution for Bitcoin inheritance. It’s on their “I’ll think about this later and hope I don’t get hit by a bus in the meantime” checklist. This has to change.
Casa Covenant is a first-of-its-kind, full-support inheritance service—so you can be confident that your loved ones will not only receive their bitcoin, but will also fully understand their security and custody options for continuing to protect your bitcoin for many generations.
"How does it work?"
By combining multisig with a proper security protocol, it is possible to enable safe and controlled inheritance of your bitcoin.
Our inheritance process adds an optional 6th key to our clients’ 3-of-5 Key Shield, making it a 3-of-6 setup. This key is activated after clients start the inheritance planning process with Casa, and it’s held by a client’s estate lawyer.
In a scenario where the client passes away, the following keys can be used for fund recovery:
- Estate lawyer key
- Casa Recovery Key
- Safety Deposit Box Key (“Safe Key”)
For the inheritance protocol to work properly, it’s important that the Safe Key is kept in a deposit box under the client’s name. This allows his/her estate executor to access it with a court order after providing proof of death.
This means that at least three keys are accessible by a third party after following the proper legal steps. While we don’t like trusted third parties in Bitcoin, we must trust third parties (even our family members are third parties) if we aren’t around to execute our requests.
The best we can do is to combine a carefully thought out security model with meticulously defined technical process (Casa Covenant is co-written by the creator of Glacier Protocol), and combine this with strong legal safeguards to make sure all requests are followed properly.
"How do I get started?"
Send an email now to [email protected] to schedule a free demo of Casa's 3 of 5 multisig, which is available to Diamond Members.
If you're an estate attorney and are interested in learning how to help clients protect and pass on their bitcoin, we're happy to help. Send an email to [email protected] for more info and to be part of our attorney network.
Note that Casa does not provide financial, legal, or tax advice or services, and urges you to consult a qualified professional for such advice and services.