Technology is ever-changing, and it constantly affects daily life: how individuals communicate, travel, and even plan for the future. The term Web3 has been utilized more recently, seeing the near future as a new technological age where new platforms and marketplaces will be created. This new technology could also expand into the estate planning arena, where Coloradans are advised to completely change how they view estate planning entirely. Below are common questions and explanations about Web3 and how it could change the way estate plans are drafted and implemented forever.
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.