Shared accounts, available for U.S.-based Premium members and Private Clients, is a formal method of account setup which allows up to two individuals to share equal access to a Casa account, as well as the funds protected by that account.
Shared accounts allow up to two people to share all information and credentials for a single Casa account equally. This includes the account password, hardware devices, and access to the Casa Recovery Key.
Why would I use a shared account?
Using Casa's shared account feature is optional and may not be right for everyone. Shared accounts may be a good option to consider in the following situations:
- Account co-management: You wish to co-manage a Casa account actively with another person.
- Legacy planning: You wish to manage the Casa account yourself, but want control of the account to be transferred easily to a person of your choosing in the event of your passing.
Remember, shared accounts give another person equal access to the funds secured by the account. This may be a spouse, sibling, account executor, trustee, your adult son or daughter, or someone else. It's very important that the person you're sharing an account with is 18 years old or older and is someone you trust to have access to ALL of your funds.
Is there an additional charge for using the shared accounts feature?
There is no additional charge for using the shared accounts feature beyond the Premium membership or Private Client fees.
What do I need to setup a shared account?
Currently, we are offering the shared accounts feature to U.S. residents only.
To get started with shared accounts, you will need:
- Shared email account
- Shared login credentials
- Shared access to hardware devices and PIN code(s)
- Shared access to the Casa Recovery Key
- Legal first and last names
- Government-issued identification, such as a driver's license or passport
If you already have a Premium membership or are already a Private Client, please let a Client Advisor know you would like to change to a shared account and we can assist with changing the email address associated with your Casa account.
How do I set it up?
Once you purchase your Casa membership, or, if you are an existing Premium member or Private Client, have notified your Client Advisor of your desire to transition your account to a shared one, you will receive an email with a link to register both members.
After you submit the shared account application, a Client Advisor will review it and notify you if you need to make any corrections to your application.
One you get the approval from your Client Advisor, the next step is to set up your vault. You can do this with or without the direct support of your Client Advisor. New customers will automatically get appropriate booking links for the onboarding process.
Also see: Getting started with the 5-key vault
When setting up your account, keep in mind:
- Both members will share the login credentials for the Casa account in the app. This is most easily facilitated through a password manager.
- Once you receive your Casa package, you'll set up the hardware wallets and connect them to your Casa vault. Both members must have equal access to the hardware devices and know the PIN(s).
- The last step is to activate your vault by setting up the Casa Recovery Key. Make sure that both members are in the photo when setting up the recovery photo. This means that BOTH members must be on the video call when requesting the use of the Casa Recovery Key.
Once you activate your vault, you will receive an email to do a final security review with a Client Advisor. On that call, your Client Advisor will confirm that all members of the shared account:
- Have access to the shared email and the Casa account
- Know the PIN(s) to the hardware devices
- Know the location of the hardware devices and the seed phrase
- Are in the recovery photo for the Casa Recovery Key
- Provide a shared duress word and emergency contact person
At the end of the call, the Client Advisor will formally approve your shared account.
What happens in the event of accountholder death?
In the event of the death of an accountholder, the other member maintains sole control of the account, as well as custody of the funds. Casa will assist the other member in converting the shared account into a personal account.
The surviving member will:
- Schedule a call with Casa
- Provide a notarized death certificate
- Provide a new personal email for the Casa account
The Client Advisor will:
- Register the death certificate on file
- Note the new proposed account email address
- Send a confirmation email acknowledging the request to convert from a shared account to a personal account
- After a one-week waiting period, the Client Advisor will change the email address of the account to the personal one provided and reset the recovery photo
Lastly, the member must then take a selfie inside the Casa app to register a new recovery photo. Once submitted, the conversion of the shared account to a personal account will be complete and the member will have sole access to the Casa Recovery Key.
Why do I need to submit ID documents for shared accounts?
When one person passes away, we will need to verify the identity of both members in order for us to help them convert the shared account into a personal account. This will require providing a notarized death certificate, as well as the other member providing a government-issued ID.
What's the difference between shared accounts and the inheritance program?
The inheritance program, available to Private Clients, is a different product than shared accounts, and offers some benefits over shared accounts:
- Inheritance package for your Recovery Custodians
- Ability to add multiple people to your inheritance plan, up to two Recovery Custodians and one shared account member.
- Ability to restrict access to your funds for Recovery Custodians until after you pass away
If you'd like to learn more about shared accounts or other aspects of Premium membership or becoming a Private Client, you can book a call with our team here.