Five Trends in Estate Planning to Look Out For
We recently wrote a white paper about The Great Wealth Transfer and the impact this will have on the estate planning industry. We noted that competition from digital players will become more prevalent, the next generation of clientele will demand more convenience and that an increasing number of families will require support from professionals as more fall into inheritance tax brackets. Download the white paper here.
As we continue to look forward, what other trends can we see on the horizon for estate planning professionals? Here’s five we’ve identified:
- Technology and digital solutions will become more commonplace. Estate planning is becoming more efficient and accessible thanks to technology. Online platforms offer automated Will drafting, digital storage of important documents, and the ability to update plans easily. E-signatures, video witnessing and virtual notarisation will also become more widely accepted.
- Financial planning and estate planning services will become more blended. Estate planning is not just about distributing assets to heirs. Tax and financial planning strategies are becoming more common to minimize taxes and maximize the value of estates. This includes techniques like gifting, trusts, and life insurance.
- Bespoke requests will increase. Estate planning is expanding to include more than just traditional Wills and Trusts. Pet trusts, charitable giving, and digital asset planning are becoming more popular. Digital asset planning, for example, involves creating plans for digital assets such as social media accounts, websites, crypto currency and online banking.
- End-of-life planning will become more popular. People are living for longer and they’re becoming more aware of the need to plan for end-of-life issues, including advance healthcare directives and living Wills. These documents provide instructions for medical treatment and end-of-life care. The increase in demand for LPAs will continue in the coming years.
- Wills will need to meet the complex, highly personalised needs of individuals. Estate planning will need to become more personalised and customised to reflect unique family dynamics and personal goals. This means creating plans that address specific concerns or situations, such as blended and international families, special needs Trusts, and philanthropic goals.
Arken.legal provides estate planning software that can support you in drafting complex requirements into documents. It’s questionnaire style design, risk mitigation features and automation capabilities help estate planning professionals remove the administrative burden of even the most complex Wills, Trusts, LPAs and more.
For more information take a look at Arken’s product suite.