Sorting out a will where the deceased has crypto assets is a pain, especially if the executors are not familiar with crypto.
UMA could be used to enforce your wishes after you pass by putting assets you wish to pass on into a financial contract using the LSP contract.
Say you have 10 eth, that you wish to pass on after you die, but cannot be confident that you will not require access to it before that point.
Create an LSP contract send the shorts to your nephew’s address and keep the longs.
- if you require access, you can propose that the contract is settled in favour of the longs using event based expiry (event being “I am alive and want my money back”).
- if you pass, an executor or your nephew can propose that the contract is settled in favour of the shorts using event based expiry (event being “death of contract creator and estate is being settled”)
- there are effecively two “events” here. An alternative might be to review after a particular period of time.
- Need to identify a reliable public method of determining death (eg a death certifiate posted on a public website, or an obitury notice).
- want a long dispute period so that your nephew doesnt claim you are dead prematurely and fake a death certificate