Will Estate Planning Go Digital?
As the world continues to go digital so too, does estate planning.
The digital world continues to evolve and as it starts to touch every aspect of our life, it is important to consider how it will affect your estate planning. A new app called Clocr Inc. was developed by Apoorva Chintala, a junior at The University of Texas. Chintala developed her app after her grandfather died and her father had to travel to India to sort through boxes and boxes of loose papers. Recognizing the problem, Chintala created an app that would save others from going through the same problems, while also making it easier for individuals to comply with the law.
Digital Assets and the Revised Uniform Fiduciary Access to Digital Assets Act
The Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA) contains many laws pertaining to a person’s digital assets after they pass away or become incapacitated. These laws pertain to a person’s email, social media profiles, PayPal and Venmo accounts, online subscriptions, and more. These digital assets become complex after a person passes away and has not made provisions for them because they are often password protected and hacking into them, even for the most innocent of reasons, is against the law.
It is often very difficult for individuals to sort through these laws, particularly at a time when they are dealing with the emotional toll of a death of a loved one. Apps such as Clocr Inc. make it easier for loved ones to remain compliant while also dealing with the aftermath of a death.
Benefits of Apps for Digital Assets
Apps for digital assets, such as Clocr Inc. and Password Box, are becoming more popular for good reason. When using these apps, you will help your relatives reap many benefits in the event that you pass away. Some of the biggest benefits are as follows:
- Avoid identity theft: Criminals are quite savvy and when they want to steal someone’s identity, they will often look for people that have passed away. An app that stores your digital assets will make this more difficult.
- Wills are not always practical: Many people use a traditional will to pass on their digital assets but this is not always practical. This method can become costly, time-consuming, and tedious.
- Legal compliance: The apps make sure that you and your loved ones remain legally compliant so you do not have to sort through the many laws that govern digital assets.
- Easy access: Storing all of your digital assets in one central app makes it easier for your loved ones to access all of them in just one click.
When you need additional advice about your estate planning, it is important to contact an estate planning attorney.
Call Our Texas Estate Planning Attorney Today
Apps are always great when planning for your digital assets, but there are also times when you will need sound legal advice. At John Powell III, P.C., our Pearland estate planning attorney can help you plan for your digital assets and ensure you have a comprehensive plan that will make it easier for your loved ones. Call us today at 832-850-6095 or contact us online to schedule a consultation and to learn more about how we can help.