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Industry Landscape
The digital estate planning industry is growing rapidly, driven by increased digital asset ownership and a growing awareness of the need for proactive end-of-life arrangements. Traditional methods are being augmented by secure online platforms that centralize critical information, offering peace of mind to individuals and alleviating burdens on families. Data security and ease of use are key competitive differentiators.
Total Assets Under Management (AUM)
Online Estate Planning Market Size in United States
~Approximately $2.5 billion (2023)
(15.0% CAGR)
- Growing adoption of digital solutions.
- Increased awareness of digital assets.
- Demand for convenient, secure platforms.
Total Addressable Market
5.6 billion USD
Market Growth Stage
Pace of Market Growth
Emerging Technologies
AI-Powered Personalization
AI can analyze user data to proactively suggest relevant estate planning categories, prompt for missing information, and personalize the user experience, making the process less daunting and more comprehensive.
Blockchain for Secure Record Keeping
Distributed ledger technology could offer an immutable and highly secure method for storing critical digital estate records, enhancing trust and auditability for sensitive information.
Biometric Authentication & Digital Identity
Advanced biometric methods like facial recognition or fingerprint scanning can significantly enhance the security and ease of access to digital estate planning platforms, safeguarding sensitive user data.
Impactful Policy Frameworks
California Privacy Rights Act (CPRA) 2023
The CPRA, effective January 1, 2023, expands upon the California Consumer Privacy Act (CCPA) by giving consumers more control over their personal data, including the right to correct inaccurate personal information and limit the use and disclosure of sensitive personal information.
My Life & Wishes must ensure robust data correction mechanisms and clearly defined policies for handling sensitive personal information to comply with CPRA.
New York SHIELD Act (Stop Hacks and Improve Electronic Data Security Act) 2019
The SHIELD Act, enacted in 2019, requires businesses to implement reasonable safeguards to protect the security, confidentiality, and integrity of private information, and expands the definition of 'private information' and 'data breach'.
My Life & Wishes, handling sensitive personal and financial data, must adhere to heightened security standards to protect New York residents' information from breaches.
Uniform Electronic Transactions Act (UETA) / Electronic Signatures in Global and National Commerce Act (ESIGN Act)
UETA (adopted by most US states) and the federal ESIGN Act (2000) establish the legal validity of electronic signatures and electronic records, giving them the same legal weight as traditional paper documents and wet signatures.
These acts are foundational for My Life & Wishes, as they legally validate the digital documents and signatures used on their platform for estate planning and other critical information, enabling their core service model.
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