Imagine what will happen to you assets located in these accounts when you have not e-Nominated a beneficiary.
eNomination is a process of assigning a beneficiary to your asset so that they can legally claim those assets and account balances when the time comes. Just like a Will, eNomination is a Legal Contract to empower your beneficiary to file a claim and It allows a transfer of ownership to be made quickly and easily if something happens to you, and sometimes, without the requirement of a probate or court document.
There is no limit to what can you eNominate, your eWallets balances, bank accounts, insurance policies, cryptocurrency wallets, forex accounts, savings, investments, deposits, shares & stocks, etc. Other class of digital assets will be included in future.
| Type of account | What happens to your money if you do not nominate a beneficiary |
| e-Wallets and similar online accounts, grab wallet etc | Since there is no one with a proof of right to claim, the balance could be taken by the service provider if not claimed. (te be honest, you are just leaving it to chances) |
| Crypto currency accounts, deposits or trading accounts | Stays in "Cloud" or the exchange accounts forever, or maybe taken by the exchange themselves,. Many have lost Millions in this manner. |
| Insurance policies, stocks and shares | If there is no nomination, any person(s) or entity with an "Administration Letter" (LA) can claim the Insurance Money so it can end up benefiting someone else and not your immediate family. |
| Bank Deposits & Cash Investments | Your next of Kin can claim the money, but they will require a probate/LA to claims the money, this is costly and cumbersome. |
| Money in trading accounts such as Forex or MLM accounts | Unless your intended beneficiary has excess to the passwords and codes, they will not be able to claim or transfer these money, so it is as good as unclaimed or lost money. |
- This eNomination is absolutely necessary especially if you do not have a Will. Nomination gives the beneficiary the right to claim those assets.
- Actually you can eNominate a beneficiary for any types of assets. In coming months, Octowill will expand the list of assets that you can e-Nominate.