Why It’s Important To Have Electronic Wills And Trusts

My husband and I meticulously crafted a Florida revocable living trust to manage our estate and life planning affairs a decade ago. Tragically, he passed away last year, leaving me to grapple with the repercussions of our estate-planning choices. In an attempt to sell our home and retitle our assets in my name, I encountered a significant obstacle – our trust documents, which held the key to our assets, were lost or misplaced by my late husband. Faced with the daunting prospect of navigating probate court, I reluctantly sought legal counsel to regain control over our joint assets. This legal ordeal was both arduous and financially burdensome, impacting me profoundly.

Confronted with the harsh realities of the probate process, I now contemplate my own estate planning. Q: In the event of my death, what steps can I take to shield my estate documents and beneficiaries from the complexities of probate court and its exorbitant legal fees? 

A: The timeliness of this consideration aligns with a groundbreaking development in Florida – the Electronic Will Act signed into law by Governor DeSantis in 2020. This legislation enables the creation of electronic wills, trusts, durable powers, health care proxies, living wills and other documents conferring equal legal standing as traditional paper wills, provided they meet specified requirements for electronic signatures.

To date, only six states, including Florida, have enacted their own statutory non-uniform e-wills acts. Six other states have embraced electronic wills since 2019 under the Uniform Electronic Wills Act. The momentum behind electronic wills is evident. Numerous other states are actively working on similar legislation, and it is only a matter of time before the entire United States recognizes the legitimacy of electronic wills.

The advantages of opting for electronic wills are multifaceted. 

• Document Storage – Originals can be securely stored as electronic files, whether in the form of an Adobe PDF file on a flash drive attached to your keychain or on a desktop computer. 
• Safe Guarded – Originals are safeguarded through encryption and held by you and the attorney who prepared them, ensuring their preservation following the signing.
• Resilience Against Alterations – The encrypted nature of the originals provides an added layer of protection, preventing unauthorized changes. 
• Document Destruction – Furthermore, the risk of destruction by disgruntled heirs is significantly diminished, as entitled beneficiaries, aware of your attorney’s involvement, can retrieve the original documents after your passing.
• Lost or Misplaced Documents – In the unfortunate event of loss or misplacement, attorneys can readily provide replacements, mitigating potential complications. 

While traditional paper estate documents remain viable, many estate planning clients embrace a dual approach by preparing both paper and electronic versions. This approach ensures a comprehensive understanding of the advantages and disadvantages associated with each, allowing individuals to make informed decisions tailored to their unique circumstances. 

As the era of electronic wills gains traction, it represents a promising avenue for safeguarding assets and streamlining the posthumous transfer of wealth to heirs.

In the rapidly evolving landscape of Artificial Intelligence (AI), seeking counsel from an estate planning attorney experienced in both mediums is essential.