What is a Smart Contract Trust™?

  A trust is a private agreement between the issuer of the Trust who is legally known as a Settlor or Grantor and the person entrusted to legally protect the assets of the trust is called a Trustee. This is done for a person(s), or company that will be a beneficiary of this trust. A Bitcoin Blockchain Smart Contract Trustee can and will have access to the private keys on behalf of a grantor or beneficiary. Also, levels of custodianship may vary and can be set up for the trust and many other similar legal structures. A Smart Contract Trust is a trust in a unique form of a smart contract. A Smart Contract Trust™ is drafted using the bitcoin blockchain and distributed ledger technology.  Processes can be built into third-party apps which allows for the trust to enter information upon the occurrence of certain events. This allows the Smart Contract Trust to be secured with transparent data and is good for situations and events that are yet unknowable. All amendments and changes documented in the minutes to a revocable trust can be recorded in the “blockchain” and hence forever verifiable.

The smart contract is not completely digital.  Clients will maintain physical access to the information contained in the trust.  All Trustees, Protectors, and Beneficiaries can access any data necessary and possibly even save documents and information for them to fulfill their duties. All Smart Contract Trusts are up to date with current state and federal laws and maintain secure records, data, and property to keep the digital records of the trust in better compliance.  The client’s trust is updated as they go. The benefit of the Smart Contract Trust™ is that since it is built within Bitcoin Blockchain the contents of the Trust can stay completely private. If the Smart Contract Trust is tried in a legal case, the security of the bitcoin blockchain will hold records of 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 best feature of the Smart Contract Trust™ is the asset recording and registration feature. Trustees have the power to record all documents and asset transfers to the trust within the Bitcoin blockchain.  The Smart Contract Trust™ brings the legal requirements of preparing and managing your estate with new innovative distributed ledger technology and makes doing so more simple than traditional estate planning.

The diverse nature of the Smart Contract Trust™ provides clients the ability to create Bitcoin blocks that contain extraordinary information.  This can include brokerage information, documents, or any instruction that is normally excluded from the family estate planning portfolio. Clients pay a retainer fee to set up their Smart Contract Trust™ and possibly an annual fee for maintenance and management.  All of the fees are managed via the Bitcoin blockchain for the Smart Contract Trust™ and any issued shares. In the event, that a client wishes to end the Smart Contract Trust™ they can easily delete all issued shares within the chain. They will not be allowed to maintain or amend the planning after the records state the trust has ended by law. 

At death, any 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.  Any updates and changes are done cryptographically and verified via the Bitcoin blockchain and through the client’s Smart Contract Trust™.  A Bitcoin smart contract allows attorneys to create a trust in which their clients can build trust with attorneys and maintain them for many years. There is no need for printed updates or even in-person client signings.  A Smart Contract Trust can be revocable or Irrevocable. Changes are all managed through the Bitcoin Smart Contract Trust™ strategy.  It becomes an Irrevocable Trust when the grantors pass.  The Smart Contract Trust™ can be any type of legal and lawful Trust which meets the needs of the Beneficiaries. The Smart Contract Trust™ is much easier for estate planning attorneys to manage their client’s plans. Additional trust services that are useful to clients can be offered through the Smart Contract Trust™ strategy.  This can be anything from transfer services for real property to insurance to tax planning to investment options. The trust is ‘smart’ and will protect the client’s tax strategies and even insurance policies. There is simply nothing like the Bitcoin blockchain technology that exists today and the Bitcoin Smart Contract Trust™ is the future of family estate, tax, and asset protection planning. This would come in handy for the securing of the assets in the event the trust, trustee, and or beneficiary is subjected to a legal judgment. Users can use the smart contracts to ledger their trust shares, and the simple conversion of the smart contract assets into Bitcoin is also great for asset protection purposes.

Shelton Estate & Co Insights is a Noocracy Radio podcast and Social Media Roundtable called The Rameses Social Media Club where we discuss all things related to smart contracts, from fundamental rights to securities, financial literacy, and mental health. We hope to help everyone become more empowered through knowledge and information, whether they’re in America, Africa, or the Middle East.

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In this episode, Hon. Larry Shelton talks with specialists about the smart trust have on finance asset protection.