Estate planning is 'adapting to digital world'

The growth of digital media has created a number of new challenges for traditional estate planning, it has been claimed.

According to a Dow Jones column published in the Wall Street Journal this week, unknown passwords to email accounts and other online resources can cause problems for planners if a client dies or becomes incapacitated.

Karin Prangley, a Chicago-based lawyer in the estate planning sector, said that her father-in-law’s business was threatened when he suffered a stroke earlier this year and no one else had access to his email.

’It was a big problem,’ she told the news provider.

’Online is essentially replacing the safe deposit box for many people.’

Larry Heller, a partner in a Los Angeles law firm, said that many clients are now aware of these issues and are seeking guidance in identifying their digital assets for estate planning purposes.

Meanwhile, Standard Life’s recent Wills and Trusts report revealed that 44 per cent of people now view their bank manager as a good source of advice for estate planning.
ADNFCR-2318-ID-19457974-ADNFCR