Digital document archives are becoming popular among people in New York who are planning their estates. Sites like Everplans, Principled Heart and AfterSteps provide a platform where people can easily store digital versions of estate planning documents like wills, trusts, powers of attorney and health care directives. Digital archives can also house important financial information and personal assets like photos.
Many people are attracted to digital document archives because they offer a simple solution for organizing vital documents and keeping them all in one easy-to-find place. After a person dies, family members often struggle to carry out the person’s last wishes because key financial information and documents simply can’t be found. With a digital document archive, family members have one go-to place to find everything that is needed to execute a will.
The risks of using digital document archives for estate planning are important to note. Because digital archives are new in the world of estate planning, none of the companies that offer these services have a long and established track record. Estate planning is about long-term planning, and there is always a possibility that a startup company won’t be around in the long-term. If a digital document archive platform is not secure, users risk losing their digitized documents in a computer hack.
Another risk is that an archived will may not satisfy the will execution rules of a particular state. As such, it is important to obtain the advice of an attorney who has experience in probate and estate administration before choosing to use these types of services for estate planning purposes.