A Trust is a special form of a contract. In the case of a Trust the contract is between the creator of the Trust (Called a Settlor or Grantor) and the person entrusted to safeguard the assets of the trust (Called a Trustee). This is all done for yet a third person, or class of persons, (Called a Beneficiary).
What is the Blockchain Trust™?
The Blockchain Trust™ is built using the same basic concepts as the blockchain technology powering the crypto currencies such as Bitcoin and Ethereum. This includes “blocks” of information which can be used to assemble a unique trust designed for an individual client. Changes and amendments to that trust would be recorded in the “blockchain” and hence forever verifiable.
Triggers may also be built into the blockchain which allow for the trust to alter its structure upon the occurrence of certain events. This allows the Trust to be infinitely flexible and useful for circumstances and events which are yet unknowable.
For example, the Trust could convert into an Irrevocable Asset Protection Trust in the event of a lawsuit. Or it could become an Irrevocable Income Only Trust prior to a Beneficiary needing to apply for Medicaid. In effect, the Blockchain Trust™ may become any type of legal Trust which fits the needs of the Beneficiaries.
An additional advantage of the Blockchain Trust™ is that since it is built within a proprietary network the contents of the Trust remain completely private. All Blockchain Trusts are also updated with the most current state and federal laws and maintained within the system so they are always compliant. There is no more need to have your trust updated every 5 years.
The entire platform is also completely digital. Users will have access to the information contained in your trust via a secure login. Additionally, Trustees, Protectors, and Beneficiaries may also access relevant details and necessary documents and information for them to execute their duties all within the platform.
Should a Trust ever be challenged, the security of the blockchain will reveal every amendment, change, directive, and even every access ever made which will include the date, time and who made the change or accessed the document, all within the ‘block’.
The real power of the Blockchain Trust™ comes with the asset registration feature. Users have the power to record every asset transfer to the trust within the blockchain itself. This means at death, a successor trustee will not only have immediate access to the trust itself, but will have a full and current accounting of all the assets of the Trust.
The Blockchain Trust™ combines the legal requirements of preparing and managing your estate with cutting edge technology which makes doing so infinitely more simple than traditional estate planning.
The Blockchain Trust™ also creates a platform which is much easier for estate planning attorneys to manage their clients plans. The platform allows for attorneys to create a master platform in which they can customize their clients trust and manage them over the years. No more printed updates and in person client signings. Changes are all managed through the Blockchain Trust™ system. Any updates and changes are done electronically and verified via the Blockchain Trust™ protocol. Users would pay an initiation fee to set up their Blockchain Trust™ as well as a continuing annual fee. Payments of the fee would also be managed via the Blockchain Trust™ platform. This includes updating of payment information and suspension of the blockchain validation if the fees are not current.
In the event a client wishes to suspend the use of the Blockchain Trust™ platform they would have access to print or download a full copy of their Trust and all relevant blocks within the chain; however, they would not be allowed to create new blocks or otherwise maintain or amend the planning. They would in effect, have “read-only” access unless they choose to become current on fees in the future, which would restore full access.
Due to the robust nature of the Blockchain Trust™ platform, users can utilize it to create blocks which contain related information. This might include banking information or instruction sets which would traditionally be excluded from their estate planning portfolio.
Additionally, services which would be useful to users can be offered within the Blockchain Trust™ platform. This could range from transfer services for real property, to insurance to tax planning to investment options. The system is ‘smart’ and will notify the user when a particular tax strategy may be applicable, or when the use of insurance would be advisable.
Of course, access to blockchain based cryptocurrencies like Bitcoin would be directly built into the system. The majority of users would use the platform to simply store their coins, but the capacity to convert assets into cryptocurrency would also be particularly useful for asset protection purposes.
In the event the Blockchain Trust™ asset protection features are triggered, the control element would be transferred and if the consensus of the control chain deems, the assets could be converted fully into cryptocurrency. This would facilitate the securing of the assets in the event a beneficiary was subjected to a judicial system judgement.
The Blockchain Trust™ is a revolutionary platform that is simpler to use, more secure than existing systems and designed to take advantage of the inevitable changes in both law and technology. There is simply nothing like it in existence today and the Blockchain Trust™ represents the future of estate, tax and asset protection planning.