🧑Beneficiaries

Understanding everyone's roles and responsibilities

Understanding the roles and responsibilities of each beneficiary helps ensure that your protection plan functions smoothly and securely.

Each participant in a protection plan plays a crucial role, and understanding these roles is key to effectively managing your digital assets. Each role is designed to foster trust and clarity among all parties involved, ensuring that your data is managed and transferred precisely according to your specifications.

By clearly defining these roles within your Inheriti® protection plans, you enhance the security and efficacy of your data management strategy, ensuring that every participant understands their part in safeguarding and inheriting digital assets.

Roles and responsibilities within a protection plan

Plan Owner / Plan Initiator

This is the individual who creates the protection plan. The Plan Owner has full control and ownership over the plan and is responsible for setting up the terms, choosing beneficiaries, and deciding on the storage and security measures.

As the architect of the plan, the Plan Owner ensures that the plan's setup aligns with their security needs and legacy goals.

Beneficiaries

This broad term encompasses all individuals designated within a protection plan who are entitled to receive access to your data as specified.

Beneficiaries include shareholders and heirs:

• Heir: An heir is specifically designated to inherit digital assets under an inheritance plan. This role is vital for ensuring that digital legacies are passed on according to the wishes of the Plan Owner.

• Shareholder: In the context of a data backup plan, a shareholder holds a share of the encrypted data. This role is crucial for operational continuity, especially in business contexts where data access needs to be maintained among several stakeholders.

Merge Authority

Within the group of beneficiaries, the Merge Authority plays a pivotal role. This beneficiary is tasked with initiating the merging process of the shares to access or reconstruct the data as outlined in the plan.

The Merge Authority is essential for activating the plan under the predetermined conditions, effectively bridging the gap between secure storage and data retrieval.

If you decide to create a backup plan where you are the sole shareholder, you are both the Plan Owner and Merge Authority within the same plan.