Setting Up Your Will
Last updated
Was this helpful?
Last updated
Was this helpful?
Was this helpful?
You can add tokens to your Will contract and define how they are distributed to your heirs after your death.
Find your Will contract and expand its panel
Pick the token you would like to add by clicking on the Select a currency button (in case your token is a fungible token) and click on the Control Panel button
In the control panel menu, click on the Add Balance button, input the amount of the previously selected token you would like to add and validate the transaction.
In case you're trying to add an NFT, pick the type of NFT (ERC721 or ERC1155), enter its contract address as well as its token ID, and validate the transaction
Congratulations! You have added tokens to your Will contract, the next step is to define how to share it between your heirs
You do not have to add all your tokens to your will for the Will contract to be able to distribute it amongst your heirs after your death. You can just approve the Will contract to retrieve those tokens from your wallet. Here is a step-by-step guide to approving the Will contract to retrieve a certain amount of tokens from your wallet:
Go to your Will's control panel menu and select Update FT Approval to approve a fungible token or Update NFT Approval to approve and non-fungible token. In the case of a fungible token, make sure you select the currency before even launching the control panel menu. In the case of an NFT, you will be shown a field to enter the address of the NFT contract after you click on the Update NFT Approval button.
Now after your demise, even if the Will contract does not contain your tokens, your heirs will be able to use the Will contract to retrieve all of your tokens from your wallets.
This is also an excellent solution to recover your funds from a wallet that you've lost access to.
To add tokens that have been approved by a Will owner to the Will, go to the Will's control panel menu and click on the Add Balance button
In the form that pops-up enter the details about the token you want to add as well a its balance and validate the transaction. You should be able to see that the token has been added to the Will. If the Will admin has defined a distribution standard for that token, the Will's heir should be able to retrieve it in due time.
Once you've added tokens to your Will contract, you can start adding heirs to it and define how to share the tokens between them:
Go to your will contract's control panel menu and click on the Add/Modify Heir Inheritance button
Fill in the form with your heir's information; make sure you read the description of each field to understand how to fill it. You are free to either enter the heir's profile ID or SSID. In case your heir does not have a profile with PaySwap, just use any number you want that you've not used for any other heir on the current Will as the profile ID but in that case, you would have to provide the heir's SSID. The SSID of your heir can be computed by taking the hash of the current value: Payswap-XXX-YYYYY where the XXX is the country code of your heir's country of citizenship and the Y's are your heir's national ID number. You can read more about how the SSID is computed here.
Validate the transaction. You should see the symbol of the token you have just added appear at the bottom left of your will's panel. In the image below, we can see the USD token has been added
You can click on any previously added token to view its balance, in our example image below, we have added 10 USD tokens to our will contract
Congratulations! You've added an heir to your will contract.
After the owner of a Will you have been added to passes away, his/her auditor might contact you to let you know about the existence of a Will with you as one of its heirs (unless you already knew) or you can come and search on the PaySwap's Will page for a Will that has listed you as an heir.
To claim your inheritance, follow the following steps:
Find your Will contract by either entering its contract address or the owner's CanCan channel in the search bar:
Once found, click on the token you would like to claim, in the image above we've clicked on the USD token to claim our USD inheritance. Click on the Control Panel button then on the Claim Inheritance button. Fill in the form and validate the transaction
The first call to this function will start the countdown period. You can check whether the countdown period has been started by checking on the left section of your Will's panel to see if the Will Withdrawable After parameter has been set. If that's the case make sure you do not call this function again until after the Will Withdrawable After's date has passed
Make sure the Will is claimable by checking that the date and time after which the Will can be claimed has actually passed. In the image below, our Will can be claimed only after August 2nd after 06:59. Make sure to wait until that time passes as any further claim requests made before that time passes will reset the countdown period and add an additional withdrawal period. In the case of the image below, if we were to claim the Will on August 2nd at 06:59 or anytime before that, it would take the withdrawal time to December 2nd at 06.59. To avoid that, make sure you wait until after 06:59 to claim a second time.
Claiming the Will a second time after the Will Withdrawal countdown, will unlock the Will and send you your share of inheritance. Once the Will has been unlocked, all other heirs as well as holders of transferrable notes can claim their share of inheritance.
Will contracts enable you to put a certain number of security measures in place to prevent your tokens from being stolen:
You can put a time lock on token withdrawals from your Will contract such that when a withdrawal above a certain amount is requested, it is delayed for a certain amount of time before the withdrawal function is actually run given you enough time (in case you did not request for the withdrawal) to stop the withdrawal function from executing. This parameter is the update period and in the image below it is set to 14 days meaning that each 14 days you can only withdraw up to the Max FT Withdrawable amount of tokens for fungible tokens (including native tokens) and the Max NFT Withdrawable for NFTs
The maximum amount in case of fungible tokens is set through the Maximum FT Withdrawable parameter which in the case of the image above is 25% meaning you cannot withdraw more than 25% of the total liquidity of the Will contract in less than 14 days (update period). In the event your account was to be hacked, this would slow down the rate at which the hacker can withdraw tokens from your Will contract to 25% of the total balance every 14 days giving you enough time to stop the hack. You have the ability to modify the amount withdrawable and the window to your convenience but even that update can only be done once with the the update period window.
In the case of a non-fungible token, that maximum number is the Maximum NFT WIthdrawable which is set to 1 meaning you cannot withdraw more than 1 NFT from the Will contract in less than 14 days (update period). In the event your account was to be hacked, this will slow down the rate at which the hacker can withdraw NFTs from your Will contract to 1 NFT every 14 days giving you enough time to stop the hack.
The last parameter is the Will Withdrawal Period which is the time the Will should take to start executing inheritance distributions. In the image above that parameter is set to 29 days 19 hours 30 minutes or basically 30 days. This means, that if an heir you've added tries to claim his/her inheritance, the contract will take that many days to send him/her the inheritance. In the case any heir tries to claim their inheritance before the time they should, this gives you enough time to stop the transaction from happening by running the Stop Withdrawal Countdown function from your Will's control panel menu.
To update your Will's parameters, go to the control panel menu of your Will, click on the Update Parameters button, and fill in the form with the appropriate values
Validate and confirm the transaction to proceed with the update.
In the event one of your heirs were to claim his/her inheritance too early, you can stop the withdrawal from happening by going to your will contract's control panel menu, clicking on the Stop Withdrawal Countdown button, and validating the transaction.
You can also transfer a percentage of your inheritance onto a note that you can use as collateral for a loan or sell to get some of your inheritance right away.
Suppose one of your parents creates a Will contract and gives you 50% of the Will's supply of FBT tokens. You can transfer 10% of the FBT supply onto a transferrable note that you can use as collateral or sell by listing it on the Will's CanCan eCollectibles' channel.
To transfer part of your inheritance onto a note, go to your Will contract's control panel menu and click on the Transfer To Note Payable button
Fill in the form with the appropriate values and validate the transaction. Note that if you are transferring a native token, you should input the address of the WillNote contract in the Token Address field. The WillNote contract's address can be found in the left section of your Will's panel.
You can only claim a transferrable note after at least one heir has claimed at least part of his/her inheritance. To check whether that has happened yet, check the left section of your Will's panel for the Unlocked parameter. If that has been set to True, then you can claim your note.
To do so, go to your Will's control panel menu and click on the Claim Note button
Enter the ID of your note as well as the address of the token that has been transferred to the note and validate the transaction. In case the token of the note is the native coin of the blockchain, you should enter the address of the WillNote contract in the Token Address field. You can find a link to the WillNote's scan page in the left section of your Will's panel from where you can copy its address.
Your share of the Will should be transferred to your wallet. This will also burn your note so that you can not use the same note twice.