Estate Planning Enters the Digital Age: TD Wealth
What You Need to Know
The survey found that 83% of estate and financial planners use digital tools to support clients’ estate planning.
Family dynamics have become increasingly fraught: 34% of respondents said designation of beneficiaries was the leading cause of family conflict,
Market volatility is the No. 1 threat to estate planning in 2022, up from 22% in 2021 and 13% in 2020.
More than two-thirds of estate and financial planners in a new survey said they now incorporate digital tools into their clients’ estate plans, TD Wealth reported Friday.
Seventy-one percent of participants said blogs, social media and email accounts have led the way into estate planning this year, followed by 67% who cited passwords.
The survey found the increase in use of digital content and tools consistent with growing interest in digital assets, such as Bitcoin and other cryptocurrencies.
“People want their financial planning to advance alongside their day-to-day use of technology and digital integration,” Donna Walton, wealth strategist at TD Wealth, said in a statement.
The survey results also showed that 83% of estate and financial planners use digital tools to support clients’ estate planning, with 52% leveraging estate planning software and 48% online wealth, estate planning platforms or both.
TD Wealth said these actions demonstrate that a majority of estate planners are going digital to support their clients’ needs efficiently.
Maru/Matchbox conducted the survey in April, collecting responses from 142 estate planning professionals.
Fraught Family Dynamics
Family dynamics have become increasingly complicated, according to the survey. Thirty-four percent of respondents said designation of beneficiaries was the leading cause of family conflict in 2022, up from 17% last year and 14% in 2020.
In an effort to mitigate family conflicts, 84% of estate planners said they have encouraged clients to discuss estate plans with their families and beneficiaries over the past 12 months.
