Estate planning enters the digital age: TD Wealth Management

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What do you want to know

  • The survey found that 83% of estate and financial planners use digital tools to support their clients’ estate planning.
  • Family dynamics became increasingly tense: 34% of respondents said beneficiary designation was the main cause of family conflict,
  • Market volatility is the #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 surveyed in a new survey said they now incorporate digital tools into their clients’ estate plans, TD Wealth Management reported Friday.

Seventy-one percent of participants said blogs, social media and email accounts paved the way for estate planning this year, followed by 67% who cited passwords.

The survey found that the increase in the use of digital content and tools is consistent with the growing interest in digital assets, such as Bitcoin and other cryptocurrencies.

“People want their financial planning to progress alongside their daily use of technology and digital integration,” Donna Walton, wealth management strategist at TD Wealth Management, said in a statement.

Survey results also showed that 83% of estate and financial planners use digital tools to support their clients’ estate planning, with 52% using estate planning software and 48% using online estate planning platforms. estate or both.

TD Wealth Management said these actions demonstrate that a majority of estate planners are going digital to effectively meet their clients’ needs.

Maru/Matchbox conducted the survey in April, collecting responses from 142 estate planning professionals.

Tense family dynamics

Family dynamics have become increasingly complicated, according to the survey. Thirty-four percent of respondents said beneficiary designation was the top cause of family conflict in 2022, up from 17% last year and 14% in 2020.

In an effort to mitigate family conflict, 84% of estate planners said they have encouraged their clients to discuss estate plans with family and beneficiaries in the past 12 months.

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