Will E-Wills Change Estate Planning Forever?
Whether written by hand or formalized in print, having an official prepared will is better than having none. In the case of a New Jersey man last year, a court even determined his codicil handwritten in his own blood to be valid. As technology infiltrates more and more industries, estate planning is getting its first taste of going digital with the emergence of electronic wills.
Almost identical to standard hand-prepared wills, an electronic or e-will documents’ main difference comes in the form of an E-signature. As of now, the legal validity of a signature online, whether from a Tablet/Stylus duo or a computer-generated mark, is being determined at the state level on a case by case basis. In response, a state law advisory board called the Uniform Law Commission has considered this new trend and is working to develop standards to make things clearer state to state.
The most significant cause of worry for estate planners comes in the potential for corruption and abuse. Many estate planning experts have stressed that there are legitimate reasons that the process is so formalized, stemming back to protecting their clients. The advantage of getting personalized face to face advice versus going the DIY route is immense, especially considering the sensitivity and long-term value of estate planning. An experienced estate planning advisor can provide custom tailored guidance, achieving your family’s goals with certainty. Each estate plan has unique complexities when accounting for different goals and types of assets, and an estate planning advisor should have the expertise to execute your documents correctly and update your estate plan as necessary.
Though your options are virtually limitless, proper estate planning -deciding on the “who, what, when, and how” and executing this with the least amount paid in taxes, legal fees and court costs possible can be a challenging and emotional affair to wrestle with alone. For more information, contact Talley LLP today.