'Covenant' seems to be a general term for an idea rather than any single specific protocol proposal (from what I've seen anyway).

I do think it would be interesting to do stuff like estate planning at the protocol level (that seems like a potential use case from what I understand so far), but I'm not sure it's worth the added complexity. Maybe it is depending upon the specifics.

I'd rather address more pressing matters like having a solid plan for upgrading encryption over time and general maintenance stuff like that before adding anything else in.