Updateable Digital Asset Will System with Real-Time Access
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Solution Overview
Problem
Current digital wills and trusts do not account for digital assets, and existing solutions require legal counsel for updates, making them non-current and inefficient for managing digital assets post-demise.
Innovation Solution
An updateable electronic digital assets will or trust system that allows real-time access and modification through online access or phone apps, enabling users to designate agents, update account information, and include auto-update features for compliance with changing laws and location.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If digital wills or trusts are prepared traditionally without real-time update capability, then legal formalities are satisfied, but the documents become non-current and require attorney intervention for updates
Solution Approach 1:
The system enables users to update their own digital wills or trusts without requiring attorney intervention. Users can access their documents through a computing device, make changes to digital assets information, and save updates directly in the system, allowing self-service updates that eliminate the need to contact legal counsel for modifications
Solution Approach 2:
The system is pre-configured with the legal framework and structure of a valid will or trust document. Users can immediately begin updating their digital assets information within this pre-established legal framework, performing preliminary setup work that enables future updates without requiring attorney involvement
2Reliability
If all digital asset information is included in a static digital will or trust, then completeness is achieved, but the information becomes outdated when assets or credentials change
Solution Approach 1:
The system transforms the static digital will or trust into a dynamic document that can be updated in real-time. Users can modify their digital assets information, add new assets, update credentials, and change beneficiaries at any time, ensuring the document remains current and reliable without requiring complete re-drafting
Solution Approach 2:
The system provides feedback mechanisms to users about their digital assets information. The system can notify users when updates are needed, confirm successful saves, and provide validation that updates meet legal requirements, creating a feedback loop that maintains reliability while managing complexity
3Productivity
If users can update digital wills or trusts without attorney involvement, then accessibility and speed improve, but legal compliance may be compromised
Solution Approach 1:
The system acts as an intermediary between users and legal requirements. It provides pre-configured legal frameworks, validation rules, and compliance checks that ensure user-updated documents meet legal standards. The system mediates the update process by guiding users through necessary legal formalities while allowing rapid updates without attorney involvement
Solution Approach 2:
The system allows users to change specific parameters (digital assets information, beneficiaries, credentials) while maintaining fixed legal structural parameters. This selective parameter change approach enables fast updates to variable information while preserving the legal integrity and compliance of the overall document structure
Data Source
AI summary
A method and systems that provide for a updateable electronic digital assets will or trust that has all the standard features of a digital assets will or trust and allows a user to “real time” access said updateable electronic digital assets will or trust to update specific elements designated for update through online access or through phone applications or other electronic applications access. Said specific elements include: designating and/or giving power of attorney to an agent and/or executor of each device, email account, social networking account, online banking/financial account, online media account, and other digital accounts; updating information specific to each account such as account name/number, user name, password, PINs, beneficiaries; instructions as to specifics of the account and instructions as to how the assets should be handled; and/or include any other said updateable electronic digital assets will or trust specific elements identified for “real time” access and/or update capability. Said updateable electronic digital assets will or trust method and systems provide updateable electronic digital asset will or trust reports, wallet cards, and other data, and operate in the environment of a computer network on the World Wide Web in a cloud capacity that is encrypted both in input and output for optimum user access, modifiable capability, and security.