Blockchain for Estate Planning
Some people think that the future of estate planning is in using blockchain technology to manage it.
You may have heard about blockchain. It is a new technology that everyone is trying to learn about, so they can take advantage of it. If something can be digitized, people will figure out how to incorporate it into blockchain technology and turn a profit.
Blockchain is an encrypted technology distributed on private computers. Information is put in the blockchain and can only be changed by someone who has the right encryption key. It is an idea that could be used for estate planning, as Nasdaq discusses in “Blockchain Technology, Estate Planning and Resting Place Management.”
The idea appears to be that a person can put their estate planning wishes on the blockchain. They could then easily access and make changes to it during their lifetimes as their wishes change. After they pass away, it could then be accessed, and the instructions carried out automatically and immediately. This same technology could also be used for creating a registry of burial places.
Distributing an estate after someone passes away does take time. It would be nice if much of that time can be saved. However, the problem with the current system is that the time taken is necessary to make sure that everything is done properly and legally. Blockchain technology is an interesting and promising estate planning tool for the digital age.
Reference: Nasdaq (May 30, 2018) “Blockchain Technology, Estate Planning and Resting Place Management.”