Is electronic estate planning real? If yes, which state has approved the use of this type of estate planning? Read on and you’ll find out.
What is Estate Planning?
Though common, not everyone knows what the term estate planning is. And this is because a huge percentage of people don’t see the importance in planning an estate. Estate planning is simply a plan an individual makes while alive for the management, distribution, and or disposal of their assets during their lifetime of after their demise.
Types of assets that can comprise of an individual estate include real properties (like buildings and lands), intellectual properties, cars, insurance, shares and stocks, banks accounts, including other personal properties.
It is very important that you contact an estate planning attorney Long Island and plan your estate as failure to do so may not necessarily affect you, but your family and those you care about. And this is because when you kick the bucket and you do so without a will, your assets will be shared based on the intestate laws of Long Island.
What will happen if you fail to plan you estate?
Failure to plan your estate can be very terrible. The effect it’ll have on your loved one may last for a while. That is why you see most wealthy individuals ensuing that they plan their estate in time because no one knows when he or she could kick the bucket.
If you fail to plan your estate, the following may occur:
- Your loved ones may a little portion of your estate. Or in the worst case scenario, they may not get anything.
- All that you have worked for will be shared based on the intestate law of your sate. That is, the government of your state will dictate how your estate is to be shared or distributed.
- Your estate will likely enter probate which is a very challenging process that could cost your family and loved ones lots of money and time.
- If you becomes incapacitated, you won’t have a say over who will cater to your medical, and financial needs.
Electronic Estate Planning in uncertain times
With the growth and advancement of technology, the electronic execution of documents associated with wills and trusts has lagged behind the times. This setback has proven to be a hard roadblock for professionals to overcome when the country is going through shelter-in-place-procedures. Though we are not out and about, the world keeps turning, and the need for properly executed estate planning documents is important at this moment.
The Uniform Electronic Transaction Act ( UETA) approved by the Uniform Law Commission in 1999, allows parties to transact business electronically. In 2000, Federal Electronic Signatures in Global and National Commerce Act ( ESIGN) was established to allow the use of electronic records including electronic signatures to facilitate interstate ad foreign commerce by ensuring the validity and legal effect of electronic contracts. But, the UETA and ESGIN specifically exclude the electronic signing of wills. In July of 2019, the Uniform Law Commission approved the Uniform Electronic Wills Act, also regarded as the E-Wills Act. The Act allows electronic estate documents like wills, and allows probate courts to recognize electronic estate documents as being fully authentic and enforceable.
Under the E-Wills Act, the electronic signature must be either witnesses or notarized in conformity with state law and maintained in a protective format that is tamper-evident. States can decide to add language that allows remote witnessing. Eventually, if enacted by each states, wills executed electronically within that state will be enforceable.
Need an estate planning attorney?
Planning an estate can be a complicated process. It involves a lot of paperwork and legal documents like power of attorney, trust, will, etc. Thus, if you want to plan your estate the right way, it is important that you contact a professional.
An estate planning attorney can help you in several ways. This professional can help you plan your estate and help you create the necessary estate planning documents. If you need to update your estate plan, this professional can be of help as well. Also, if you have concerns or questions, contacting an estate planning attorney is the best way to find answers.
We boast of competent estate planning attorneys who can help you navigate the tough estate planning process. Simple get in touch with our office so we can offer you or your loved ones our professional services.
