As technology continues to advance at lightening speed, many in Oklahoma are surprised to learn of the unusual ways that these advancements can be applied to everyday needs. In regard to estate planning, technology now offers the ability to create digital wills, which are then stored online. This innovation could change the way that we think about estate planning documents, and could make a difficult time easier for many families.
In some cases, a family loses their estate planning documents due to fire, flood, theft or another unexpected event. That can leave loved ones with little or no guidance when the time comes to set the estate plans into motion. Many families struggle to find a loved one's documents, and lose access to assets that they did not even know existed. Digital wills can be appealing when one considers these risks.
That said, there are drawbacks to taking one's estate plan into the digital realm. The security of one's personal and financial information is one concern. Another lies in the risk that the company chosen to provide this service may not be in existence when the time comes, and might not have made provisions to archive the estate plans of all clients.
Currently, digital estate planning is not something that is poised to become an industry norm. Many in Oklahoma will find some value in creating a digital version of their estate plan, but will continue to store hard copies of those important documents. When it comes to wills and power of attorney paperwork, having multiple storage options is always a good thing.
Source: CNBC, "Is a digital last will and testament right for you?", Constance Gustke, Oct. 19, 2015