Estate planning is undergoing a digital revolution. From digital wills to virtual estate planners, the future of estate planning is increasingly digital. How is technology shaping digital estate planning?
- Digital Wills: Traditionally, drafting a Will involved meeting with a lawyer, lots of paperwork, and storing physical copies in a safe place. Digital Wills are changing the game by allowing individuals to create, update, and store their legal documents online. With platforms like FormalWill.ca and FormalWill.com, you can create a legally-binding Will from the comfort of your own home, all with just a few clicks.
- Blockchain and Smart Contracts: Secure and Transparent Blockchain technology is revolutionizing many industries, and estate planning is no exception. Blockchain allows you to create secure and transparent records of their estate plans. A smart contract is supposed to allow an individual to automatically execute the terms of a Will or trust when conditions are met. This technology is still relatively new, so fully understanding how it works may take time.
- Digital Asset Management: cryptocurrency, social media accounts, and online accounts are all part of digital asset management. This is to streamline the documents and make it easier to modify or access them when needed. No more fumbling around for legal paperwork.
- Virtual Estate Planning Services: Virtual estate planning services are making the estate planning process more accessible and convenient than ever before. You can work with estate planning advisors online, from anywhere, at your convenience.
- Digital Legacy Planning: Preserving Your Digital Footprint In the digital age, our online presence is an integral part of our identity. Digital legacy planning involves preserving and managing your digital footprint after you’re gone. This includes social media profiles, digital photos, and personal websites. Again, this is new technology. You may want to do your research before purchasing any of these services to safeguard your documents.
- Biometric Authentication: Everything is online, which means that ensuring the security and authenticity of legal documents is particularly important. Biometric authentication, such as fingerprint or facial recognition, can add an extra layer of security to digital estate planning platforms. But you may want to be wary of this type of technology. Who has access to your facial recognition, your fingerprints, etc.?
- Continuous Updates and Maintenance: Digital estate planning platforms allow individuals to easily update and revise their plans as needed. Whether you experience a major life event or simply change your mind about certain provisions, digital estate planning tools streamline the process.
Consider exploring the digital tools and resources available to help you navigate tomorrow’s inheritance.
