You may have heard a lot about blockchain. It is the new thing everyone is trying to figure out, so they can take advantage of it. If something can be digitized, there are people figuring out how to incorporate it into blockchain technology which can be profitable.
Blockchain is an encrypted technology distributed on private computers. Information is put in the blockchain and it 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 easily access and make changes to it during their lifetimes. 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 some time. It would be nice if some of that time could be saved. However, the problem is that the time taken is necessary to make sure that everything is done properly and legally.
Remember: “An ounce of prevention is worth a pound of cure.” When making your estate plans or when probating an estate or administering a trust, do not go it alone. Be sure to engage a Cincinnati estate planning attorney.
For more information about estate planning, probate or trust administration in Cincinnati (and throughout the rest of Southwest Ohio) and to review free resources regarding estate planning, probate or trust administration, visit my website. If you have questions regarding this article or a particular legal matter, feel free to contact me at 513-399-PLAN (7526).
Reference: Nasdaq (May 30, 2018) "Blockchain Technology, Estate Planning and Resting Place Management."