Digital Safe Custody Vault

Why use your Digital Safe Custody Vault to create + update my Smarter Digital Legacy Plan?

Why it is time for a Smarter Digital Legacy Plan?

✅ A simple and highly secure way to manage, assign + leave your Digital Assets together with your instructions;

✅ Items such as passwords, cryptocurrency, NFT's (Non-Fungible Tokens), messages, important legal documents, your "Museum of Me" + more;

✅ Leave detailed instructions for the long-term care of your Pet/s;

✅ At every stage, we have designed the process to ensure that no data can be accidentally exposed;

✅ Intelligent permissions management: Our legal team will only see data we collaborate on together, or data you want us to see;

✅ Select who amongst your nominated Executor/s, Digital Steward + Confidants can see your Digital Assets now, and/or after you pass away;

✅ Friendly interface; and

✅ Collaborate with us on sensitive matters with ease.

How Does it Work?

No More Envelopes.
No More Spreadsheets.

Until now people have only had a few choices to safeguard + update their Digital Assets.

They could write down all their secrets and passwords on a spreadsheet or on a piece of paper, put a copy in an envelope and simply stick them in the sock draw – or pay for a safe custody lockbox at a bank, and made the laborious trip there every few years to ensure the details were kept as current as possible.

The problem is that others could stumble upon the details, the hard drive could corrupt, the house could burn down, the key to the safe custody lockbox could be lost, and/or due to the difficulty in updating the information it is now out-of-date!

Our Digital Safe Custody Vault is safer, cheaper, more secure + easier to update anytime 24/7.

✅ All data is triple-encrypted, meaning only you can see it - we can't see your data unless you grant permission!

✅ An easy-to-use app means updating passwords or files is simple.

Social Engineering + Independent Verification + our Legal Team ✅ = Secure Release

Before your Digital Assets are released according to your instructions, unanimous consensus is required from all persons you nominate as your trusted confidants + Blue Ocean Law Group℠ that you have passed away, as well as an independent analysis of your last login time, devices used and other activity data.

✅ Easy + quick administration with zero chance of important information, such as the location of your current original Will (as well as locating digital copies for added fraud prevention) being unable to be determined/found by your Executor/Digital Steward.

Create + Update your Smarter Digital Legacy Plan at your convenience

✅ We layout the tasks we recommend you complete to create / update your Smarter Digital Legacy Plan.

✅ You complete the tasks at your own pace whenever is convenient for you 24/7;

✅ You will be prompted to make sure everything gets done in a timely manner by automated reminders.

Credits:

This FAQ was created by James D. Ford GAICD | Principal Solicitor, Blue Ocean Law Group℠.

Important Notice:

This FAQ is intended for general interest + information only.

It is not legal advice, nor should it be relied upon or used as such.

We recommend you always consult a lawyer for legal advice specifically tailored to your needs & circumstances.

How secure is Blue Ocean Law Group's Digital Safe Custody Vault?

Our Digital Safe Custody Vault is Built like Fort Knox!

In a word it is "Bullet-Proof", or in another word "Unhackable"!

We use end-to-end military-grade encryption, enforce two-factor authentication, and use social engineering + legal proof prior to triggering release of your Digital Assets.

Our Digital Safe Custody Vault was built by experts who are using it themselves to protect + safeguard their own Digital Assets.

3-levels of encryption to store + read your data

1️⃣ Encryption of all your Digital Assets using your own unique key

Each client has their own unique key created when they sign up – this encryption key is used to encrypt their Digital Assets.

Only your unique encryption key can read or write data for you.

2️⃣ Encryption of your Digital Assets again with an application level key

Once the data enters your account, it is then encrypted again with our Blue Ocean Law Group℠ encryption key.

This means one would now need both your unique user key and our application key to read your data.

3️⃣ Encryption of the stored Digital Assets again with a database key

Once your encrypted data is stored, we encrypt it a third time using a database key.

This effectively puts the key to the Digital Safe Custody Vault – inside the vault.

Mandatory two-factor authentication

Helping You Protect Yourself

At a certain point, cyber security boils down to individuals also embracing safe practices.

While a lot of businesses make these optional – we do not.

✅ We enforce Two-Factor Authentication (which means merely having your username and password is not enough to gain access to your account); and

✅ Routinely check your data against historic 3rd party data breaches and hacks.

✅ We don’t force you to change your password every 6 months, but we do ask you to verify each time a new device is used to log in to your account.

An additional layer of security ➲ Hybrid Storage™ / Hardware Wallet

If your Digital Assets are extremely valuable or sensitive, it is possible to add an additional layer of security by adopting the practice of Hybrid Storage™.

Hybrid Storage™

Hybrid Storage™ involves storing part of a Cryptocurrency / NFT (Non-Fungible Token) Encryption Key or Password digitally, and other parts physically (or vice-versa).

Best practice would suggest that the Encryption Key or Password be divided into at least 4 parts for maximum protection.

The advantage gained by using Hybrid Storage™ is that if either the Physical or Digital Safe Custody Vault are breached by criminals ➲ there is not enough information to take control of / or deal with your Digital Asset.

Additionally, when the concept of Hybrid Storage™ is adopted, it is possible for multiple physical backup copies of the partial Encryption Key or Password to be physically stored (even outside of the Physical Safe Custody Vault) without substantially increasing risk.

Each partial Encryption Key or Password by itself is no good without the other parts of the Encryption Key or Password which would be safely stored in other Physical Safe Custody Vault locations as well as in the Digital Safe Custody Vault.

Hardware Wallet

A less effective, but also much more convenient + simpler solution would be to use a Hardware Wallet and store the location of the Hardware Wallet and its access key within the Digital Safe Custody Vault.

For further information please read our FAQ: How is a Hardware Wallet used to Store Cryptocurrency?

The most appropriate additional security solution will depend on your need for convenience / level of risk tolerance.

Credits:

This FAQ was created by James D. Ford GAICD | Principal Solicitor, Blue Ocean Law Group℠.

Important Notice:

This FAQ is intended for general interest + information only.

It is not legal advice, nor should it be relied upon or used as such.

We recommend you always consult a lawyer for legal advice specifically tailored to your needs & circumstances.

Where can I safely store my Original Legal Documents in Safe Custody?

Physical Safe Custody Storage Facilities

Australia-wide Facilities

🔒 Commonwealth Bank

Safe Custody Envelope

If you have important Original Legal Documents – like a Will or Power of Attorney – you don’t want to leave lying around the house, the CBA's Safe Custody envelopes let you store these documents safely and securely at one of CBA's branches.

You can access your documents at any time during bank hours.

How much does it cost?

The annual fee for keeping your items in Safe Custody envelopes and/or boxes at a CBA branch is as follows:

🗄 Standard envelope supplied by the Bank - $88 p.a.* per lodgement

🗄 Non-standard envelopes - $198 p.a.* per lodgement

💰 Safe Custody box  - $198 p.a.* per lodgement

State/Territory Specific Solutions

ACT

🔒 A.C.T Supreme Court
[$125 deposit, $46 withdraw. Prices effective as at 1 August 2020];

NSW

🔒 NSW Trustee + Guardian
[$29 one-time fee for a single document; $49 one-time fee for multiple documents. Prices current as at 19 November 2020].

🔒 Custodian Vaults [Sydney, NSW]

"Legal Documents take a considerable amount of effort to draw up, execute and are a costly and sometimes irreplaceable.
Items like deeds, wills, and other legal documents are best stored out of the home and in a secure centralised storage facility. These items are not necessarily best stored in the home safe and in almost all cases best kept offsite.
Custodian vaults offers vaults from $25 per month that will store not only a large quantity of legal paperwork but other personal effects like passports, jewellery and bullion.
Custodian Vaults will offer complimentary insurance up to $10,000 and a nominal amount thereafter. Our insurance is underwritten by Lloyds of London, and is significantly cheaper than any level of house and contents insurance, providing peace of mind as well as in some cases necessary compliance."

 🔒 ARA Security - Safe Custody [Western Sydney, NSW]

ARA Vaults are experts in the secure storage of a highly valuable possessions, such as gold and silver bullion, heirlooms, important documents and data, cryptocurrency (such as Bitcoin) and jewellery.

They provide a range of different Safety Deposit Boxes and Bullion Safes to suit your storage requirements and they offer free unlimited access to your Safety Deposit Box or Bullion Safe at their private, state-of-the-art vault facility in Western Sydney.

Their vault is equipped with highly secure technology and infrastructure, including Iris Biometric identification, to offer world-class security for your most valuable assets, investments and possessions.

NT

🔒 N.T. Public Trustee
[“You can store your Will for free at the Public Trustee office in a specially maintained vault.”];

Victoria

🔒 The Victorian Will + Power of Attorney Registry
[Anyone in Victoria can register information about where they keep their Will + Power of Attorney documents at no charge. There is also the option to physically store originals for free];

WA

🔒 W.A. Will Bank
[Free service operated by the WA Public Trustee];

Queensland

🔒 Reserve Vault [Brisbane, Queensland]

"Secure Document Wallet: Secure document storage held in individual A4 sealed Document Wallet in one of our fire resistance drawer safes. Only $99/year!

🔒 Private Vaults Australia [Redcliffe, Queensland]

Private Vaults Australia chooses  single-use bags manufactured from an opaque COEX material and utilise a high security tamper evident tape (resistant to temperature, moisture, and solvent-based tampering).

The non-see-through nature of the material provides complete privacy making them very discreet.

The bags have writable surfaces and printed with unique serial numbers and have a corresponding barcode for convenience.

Document Storage

SCEC Approved

Features            

  • Serial numbered
  • Entire surface capable of being written on with most markers and pens
  • Tear-off receipt for record keeping
  • Gold level security tape is resistant to temperature, moisture, and solvent-based tampering
  • Material – Polyethylene (PE) plastic
  • Security Closure – X-Safe Level 2
SA + Tasmania

For S.A. + Tasmania
[Contact Us].

Credits:

This FAQ was prepared by Suk Jae Chung | Practical Legal Training (PLT) Placement, Blue Ocean Law Group℠ +
James D. Ford GAICD | Principal Solicitor, Blue Ocean Law Group℠.

Important Notice:

This FAQ is intended for general interest + information only.

It is not legal advice, nor should it be relied upon or used as such.

We recommend you always consult a lawyer for legal advice specifically tailored to your needs & circumstances.

What if my Digital Assets are extremely valuable or sensitive?

An additional layer of security ➲ Hybrid Storage™ / Hardware Wallet

If your Digital Assets are extremely valuable or sensitive, it is possible to add an additional layer of security by adopting the practice of Hybrid Storage™.

Hybrid Storage™

Hybrid Storage™ involves storing part of a Cryptocurrency / NFT (Non-Fungible Token) Encryption Key or Password digitally, and other parts physically (or vice-versa).

Best practice would suggest that the Encryption Key or Password be divided into at least 4 parts for maximum protection.

The advantage gained by using Hybrid Storage™ is that if either the Physical or Digital Safe Custody Vault are breached by criminals ➲ there is not enough information to take control of / or deal with your Digital Asset.

Additionally, when the concept of Hybrid Storage™ is adopted, it is possible for multiple physical backup copies of the partial Encryption Key or Password to be physically stored (even outside of the Physical Safe Custody Vault) without substantially increasing risk.

Each partial Encryption Key or Password by itself is no good without the other parts of the Encryption Key or Password which would be safely stored in other Physical Safe Custody Vault locations as well as in the Digital Safe Custody Vault.

Hardware Wallet

A less effective, but also much more convenient + simpler solution would be to use a Hardware Wallet and store the location of the Hardware Wallet and its access key within the Digital Safe Custody Vault.

For further information please read our FAQ: How is a Hardware Wallet used to Store Cryptocurrency?

The most appropriate additional security solution will depend on your need for convenience / level of risk tolerance.

Credits:

This FAQ was created by James D. Ford GAICD | Principal Solicitor, Blue Ocean Law Group℠.

Important Notice:

This FAQ is intended for general interest + information only.

It is not legal advice, nor should it be relied upon or used as such.

We recommend you always consult a lawyer for legal advice specifically tailored to your needs & circumstances.