A trustee or an escrow is a party that holds the property in trust while a transaction is being finalized or a disagreement resolved. The trustee has a fiduciary responsibility to all parties to ensure a fair execution of the agreed process. As a licensed trustee, octowill may perform the duty of a trustee to ensure the contents of your WILL is executed professionally and your assets are distributed in accordance with the executable clauses on your WILL.
The escrow service by octowill is an arrangement where octowill as an independent third party may temporarily hold and regulate the distribution of the assets and funds to the beneficiaries when it cannot be done directly or if there exist any complications or disputes that needs resolving.
Octowill trustee and escrow service may also be for settlement between beneficiaries involved in a dispute over the inheritance. While the assets of the disputing parties are held under escrow, the remaining portion of transaction and settlement of your WILL can be safely carried out without the risk of other beneficiary losing out on the settlement. In case there come to exist a non-surviving beneficiary, the bequeath belonging to the non-surviving beneficiary must be held under escrow and redistributed according to instructions on your WILL to the surviving beneficiaries.
Unlike any other conventional escrow services, Octowill trustee and escrow services are done on the blockchain platform, therefore every process and steps taken by octowill in acting as the trustee or escrow is transcribed on blockchain and may be audited on the ledger and tracked by the beneficiaries thus eliminating any possibility of fraud.