What is Web3? Web3 is seen as the potential next “generation” of the internet and technology at large, where social media platforms and search engines would be owned collectively, rather than by a single corporation. Rather than having to log into different accounts depending on the platform, individuals would be able to use a single personalized account throughout the internet and vote on how a platform should be improved over time. According to experts in the field, his technology would be built using blockchain technology, which is currently used by cryptocurrency.

How Can Web3 Affect My Estate Plan?

If Web3 becomes a reality in the future, individuals could build blockchain-based estate plans. This would allow individuals to set up smart contracts that would immediately pass their assets to their beneficiaries, without having to go through the current hurdles that individuals face—like probate court. When a person passed away, the assets would be sent to the listed beneficiary on the estate plan, which would speed along the estate planning process and not require loved ones to have to wait months on end—if not longer—until the assets are cleared to be given to them.

Web3 would also make current estate planning methods more accessible. Individuals would be able to compile their will, beneficiary designations, and health and financial planning documents in a single place online. While this is already possible to a degree, Web3 technology would make it easier for people to keep this information in one place and not have to remember multiple passwords and login information.

While Web3 and the utilization of blockchain technology in estate planning is uncertain—and it may take years to develop—individuals should feel certain that if this future comes to pass, estate planning attorneys will be able to advise clients on how to adapt their estate plan.

Contact a Boulder Estate Planning Attorney

If you or a loved one needs help crafting an estate plan, contact the Boulder estate planning attorneys at the Braverman Law Group. Our experienced estate planning attorneys can work with you to create an estate plan, alter your current plan to meet the technological advances of the future, or discuss alternative estate planning strategies with you. Estate planning should not be another aspect of your daily life bringing you stress; by working with us, we can reduce your worries and ensure your future is secured. To schedule a free, no-obligation consultation with one of our trusted attorneys, give us a call today at (303) 800-1588.

Share Account Information with Loved Ones via a Password Manager

It is understandable that individuals do not want to be sending other people their password information while they are alive, as the accounts are still being utilized. However, it is important that loved ones know this information, so when the person passes away, they can access it. This is especially critical for accounts like financing or bank accounts, or the password to the individual’s phone so loved ones can notify others about the person’s passing.

There is specific password manager software that families utilize that stores all account logins and other information they want securely hidden. While the software contains all of the login and password information for the individual’s accounts, they need only remember a single master password to set up the account and access these digital assets.

Record Emergency Information

Besides securely saving passwords and account information, individuals going through the estate planning process should also record emergency information for loved ones to access. This information includes locations of valuables and important papers—like legal documents that are difficult to otherwise get copies of—and details about recurring bills. While other emergency information, such as instructions in case of death, are often included in a will, these details tend to be overlooked and not included in other estate planning documents.

Individuals can put this information in a note in a password manager software, in an Excel sheet, or write the details down and keep it in a secure place. Regardless of which option they choose, the person should inform a trusted loved one (or two) where this information is stored, in case they become incapacitated or pass away.

Because planning ahead is critical, individuals who have not secured their digital assets should reach out to an experienced estate planning attorney to help them with this process.

Contact a Colorado Estate Planning Attorney for Immediate Assistance

If you or a loved one needs assistance in developing an estate plan, contact the attorneys at the Braverman Law Group. Our Boulder estate planning attorneys have decades of experience advising clients about their estate plans, crafting and revising plans—including incorporating digital assets into a plan. We are here to answer any questions you may have about estate planning and will ensure you have an estate plan in place that best meets your needs. For a free, no-obligation consultation with one of our estate planning attorneys, give us a call today at (303) 800-1588.