As time goes on, society, life, and expectations change. One of these major alterations over the past twenty years has been the emergence and accomplishments of technology. While estate planning may not be the most noticeable area in which technology is relevant, technology has dramatically impacted this area and made estate planning accessible for more Texans than ever before. However, problems may also arise if people rely too much on this technology. Below is information on the current role of technology in estate planning and emerging technology in the industry.
The Current Role of Estate Planning and Technology
Estate planning can often be complicated and complex. Individuals have very specific needs and family dynamics that need to be represented in an estate plan in order for it to be effective. Technology—especially the internet—has been useful thus far to individuals wishing to create an estate plan; however, this information is often misapplied with devastating consequences.
While there are websites that Texans can use to draft an estate plan, this information is often brief and only applies to the simplest of cases. This makes it beneficial for most individuals. And if people rely on this information and draft an estate plan filled with errors and mistakes, there could be catastrophic consequences in the future. If a person passes away with an ineffective will, the family will need to go to probate court and argue in front of a judge why the estate plan should be considered valid despite its mistakes. This is often a time-consuming and expensive endeavor.
Because of this, it is recommended that individuals who need an estate plan reach out to an experienced attorney who can assist them with the process. Estate planning attorneys are kept up to date on how emerging technology can be implemented in estate plans, and they are aware of the common mistakes to avoid when drafting the plan.
Emerging Technology in the Estate Planning Arena
One piece of technology that estate planning attorneys are excited about are digital estate plans. These platforms allow individuals to share information about their estate plans with heirs and loved ones. Digital estate planning platforms are unique because they allow the creator of the estate plan to share as much or a little information with their loved ones about the estate plan—and tailor this based off of their personal situation and relationship with family. It is important to communicate with heirs and beneficiaries about the estate plan to prepare them for the future, but some people may be hesitant to share the entirety of their estate plan with these individuals. Digital estate planning platforms are an emerging technology that can help with this.
Contact a Houston Estate Planning Attorney
If you or a loved one needs help creating an estate plan, contact the Houston estate planning attorneys at McCulloch & Miller, PLLC. Our attorneys have decades of experience crafting estate plans for residents of the Houston area. They can also assist people who already have an estate plan in place but would like to update it. To schedule a consultation and to speak with one of our attorneys, give us a call today at 713-333-8900.