Blockchain, Bitcoin, Smart Contracts and Wills

I am responding to a story that was recently submitted on Steemit about drawing up a Will and using Blockchain. I would like to comment from my viewpoint of someone who has always had a legally-written Will and has exceeded the fourscore years and 10 lifespan limit which most people believe is a Biblical limit. It is not! It is being scientifically claimed that babies born today could live for 120 or even 150 years.

In all probability my wife will need my written Will should I depart this earth before her, to protect her from punitive Government taxes and unscrupulous banksters and others who charge unfair fees for administering one’s Will. I have been Blessed with a good and interesting life and lived well past that lifespan limit. I am still very active and healthy. I must admit to having watched my lifestyle and lived by the maxim "that we are what we eat".

In fact, I still am fortunate enough to work in the IT industry and hence I am party to the latest technologies. I would love to convert my current Will to a Smart Contract. However, the downside would be that I would need to ensure that my spouse is able to access it without any legal complications. There is, obviously, a huge education effort needed for the average person. This presents another business opportunity for some bright techie.

I have an example of a friend, who was married to a wealthy bank manager, who passed away three years ago and has battled to get his estate wound up. After more than three years it still is not wound up, placing his widow in an invidious financial position. One would have thought that a bank would have had all its ducks in a row. So, if this new disruptive technology could alleviate the use of Executors and be able to pay the beneficiary immediately, all the problems of a written Will would disappear overnight.

So there is a business opportunity for a bright, young technical boffin to create a Blockchain Smart Contract for Wills.