Estate Administration in the Digital Era

 

We have come to rely on the silicon chip to help us complete even the most difficult task in almost no time at all. Yet sometimes technology can have a different effect, making a time-consuming task even more demanding. That's the case for some estate administrators and executors today. Here's why:

  • Until recently an executor searching for important documents would look in a decedent's filing cabinet, personal safe or bank vault. But now that storing papers in digital form is commonplace, that search might need to include laptops, flash drives and smart devices as well as email accounts, online storage accounts and financial services accounts.
  • Many forms of digital storage cannot be accessed without a user's personal ID and password. If a testator fails to provide the necessary access codes, an executor may be unable to retrieve important documents.
  • Most state legislatures (and many online service providers) have been slow to address the issues of access to a decedent's digital assets. As a result, executors may be unsure of their legal rights and responsibilities.
  • A testator might nominate not only a traditional estate executor but also a digital executor — someone who is tech savvy. This is a new and evolving role whose authority and legal standing are unclear. Moreover, problems can arise if a digital executor acts counter to the estate executor's instructions.

 To Read the Full Article, Download the PDF Download Article


This publication is designed to provide general information about ideas and strategies. It is for discussion purposes only, since the availability and effectiveness of any strategy are dependent upon your individual facts and circumstances. Always consult with your independent attorney, tax advisor, investment manager and insurance agent for final recommendations and before changing or implementing any financial, tax or estate planning strategy.

This report may not be reproduced or distributed by any person for any purpose without prior written consent.

AR-ARA55228-EXP-2014.02.21