Smartphone Apps Are For Estate Planning, Too

Family law courts sometimes order divorced couples who cannot stand to be in the same room and cannot talk to each other without fighting to download co-parenting apps like Our Family Wizard, which enable parents to communicate by text message, archiving the messages to show to the court, if necessary, and even warning parents, as they type, that their tone is too hostile.  If you belong to the generation that co-parented by handing off your children and exchanging greetings with your ex-spouse while staring daggers, you might not see the point of these apps, but the current generation of adults approaching middle age uses smartphone apps for everything.  This generation has not done much estate planning, however, at least not yet.  Two mobile app developers from Arizona may have found a solution to this problem.  If you are old enough to have your own smartphone with no parental controls, you are old enough to have an estate plan, and with or without the help of a mobile app, a Tampa estate planning attorney can help you develop one.

All Work and No Estate Planning

Most people under the age of 50 do not have an estate plan, and it is not because they do not want to make one or do not realize that it is important.  In fact, 70 percent of adults who do not have an estate plan say that they wish they had one.  Some employers have added estate-planning services as a benefit for employees, along with retirement accounts and health insurance coverage, although the number of employers who do this is quite small, only about 13 percent of employers.

Enter Wealth, an estate planning mobile app created by a startup company of the same name.  The founders of Wealth are Rafael Loureiro and Rei Carvalho, who live in Arizona.  The app allows you to document all your assets in one place.  This way, the personal representative of your estate will not need to go on a wild goose chase to locate and appraise your vinyl record collection, your real estate properties, your cryptocurrency portfolio, and everything else you own.  In fact, the process of accounting for all of the decedent’s assets is one of the things that makes probate take as long as it does.

Wealth also enables you to upload your will and other estate planning documents; when you first sign up, it customizes its document requests based on the laws of the state where you live.  When using the app, however, you don’t feel like you are contemplating your mortality or even planning for your old age.  Instead, the app just gives you an ego boost about how well you are doing financially, encouraging you to save and invest for the future.

Contact David Toback About Estate Planning Early in Life

A Central Florida estate planning lawyer can help you develop an estate plan for the digital native generation.  Contact David Toback in Tampa, Florida to set up a consultation.

Source:

finance.yahoo.com/news/wealth-poised-estate-planning-accessible-120203289.html