Blockchain Technology, Estate Planning and Resting Place Management

Blockchain, a type of real-type digital ledger, is not a tool usually spoken off in estate planning circles, but may in fact lessen complications when it comes to settling a descedant’s estate. By registering wills or inheritance wishes on a blockchain, many of problems with executors or lapses in time could be avoided. The data would never be lost because it would be stored permanently on the blockchain. Blockchain-based wills would also be easier for people to modify and view throughout their lifetimes in order to keep them up to date.

Blockchain itself is creating an issue in estate administration when it comes to dealing with the selling off of cryptocurrency after a person passes away. However, blockchain-registered wills or smart contracts could transfer these assets automatically, therefore no written will or documents are needed.

Registering one’s resting place could also be simplified through blockchain technology. As there is no universal database for grave sites or burial places, having this information stored in blockchain could be easier for descendants to know where to pay their respects.

See Christopher Tozzi, Blockchain Technology, Estate Planning and Resting Place Management, NASDAQ.com, May 30, 2018.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.) for bringing this article to my attention.