Please describe your proposed solution
We are building GenWealth, a Crypto Recovery and Inheritance solution on Cardano that allows users to safely manage their assets, all on-chain, with self-custody and total control, and without requiring any intermediaries. With GenWealth, you can create rules to recover your own crypto, and you can also define rules for your family to recover your crypto after you're gone**,** defining the specific beneficiaries and the share of your crypto you will leave them.
GenWealth is necessary and useful for Cardano users, but also extremely necessary in the real world by will executors and estate managers, as it:
- provides clarity on who owns the assets,
- facilitates the process of locating assets,
- reduces the cost and the time required to transfer assets (which can currently take years),
- makes it easier to ensure the correct distribution of assets,
- removes the need for trust in the process of respecting the will of the diseased,
Additionally, executors and estate managers can save a lot of time and money, create a better experience for their clients, and become far more productive.
However, currently, the process of complying with inheritance law in each different country using GenWealth is not easy. It requires time and calculations to work out the correct distribution of assets using the app, reducing the efficiency of using this tool and creating a poor customer experience for these professionals, and even for regular individual users looking to comply with inheritance law.
Leveraging the feedback and conversations with professionals, we aim to develop an Inheritance Compliance Calculator tool, that can be used by Inheritance professionals, but also common users to make it easy to comply with Inheritance Law in any jurisdiction.
This flexible tool will get data from the blockchain, allow users to estimate how much each of the beneficiaries is getting, check if the division of assets complies with legislation in their country, and even allow them to account for things such as taxes by creating subdivisions for taxation purposes.
With this tool, you can simulate how to move your assets across beneficiaries (<u>saving on transaction fees or accounting for other relevant assets outside of crypto</u>) to ensure that your wishes are respected in a legally compliant manner and even account for real-world assets that you own.
This tool is flexible, as the user can and should adapt it to their own jurisdiction and the specific quotas and rates required for compliance in their country.
We are building this tool, basing ourselves on the legal research in terms of inheritance compliance and tax optimization we’ve made in 24 different countries, to ensure it is a flexible tool that is able to adapt to multiple jurisdictions.
Such a tool, represents a huge opportunity, especially when used alongside the GenWealth Dapp, as it takes us closer to having Cardano being used by the real world, more specifically inheritance-related professionals, and access the trillions of dollars in the Inheritance Market all over the world.
Additionally, this solution will make the process of compliance with inheritance legislation easier for existing Cardano Community members, building trust and widening our potential user-base in Cardano.