Estate planning can be made easier with the use of digital tools

Estate planning can be made easier with the use of digital tools

Survey: As estate planning becomes more complicated, the majority of people who give advice on the subject are using technology to make their work more efficient.

TD Wealth surveyed 142 financial planners and found that 69% now use digital tools in their clients’ estate plans. TD Wealth surveyed certified estate planners, estate planning attorneys, trust officers, charitable giving professionals, insurance advisors, elder law specialists, wealth management professionals, and non-profit advisors earlier this month. They asked them what they thought about the best ways to pass on your wealth.

According to TD Wealth, blogs, social media, and email accounts are the most common digital tools used by planners, with 71% of them mentioning them. Passwords came in second with 67% of planners mentioning them.

According to the company, more people are becoming interested in Bitcoin and other cryptocurrencies, which 61% of people said they were interested in.

“We’re seeing a distinct shift to increased digitization in this current market environment,” Donna Walton, wealth strategist at TD Wealth, said in a statement. “Whether it’s planning for social media accounts, interest in cryptocurrency, or simply exploring digital wealth planning tools.” One expert says that people want their financial planning to progress in tandem with their day-to-day use of technology and digital integration.

In the survey, 83% of respondents use digital tools to help clients with estate planning, 52% use estate planning software, and 48% use wealth or estate planning platforms to help their clients.

People who work with financial planners are having more problems with beneficiary designation, a survey says. This is up from just 15% last year, 14% in 2021, and 14% in 2020.

A survey by TD Wealth found that 31% of respondents named market volatility as the biggest threat to financial planners, up from 22% in 2021 and 13% in 2020. This is an increase from 13% in 2020.

Furthermore, the survey found that document management is a challenge for planners, with 31% citing powers of attorney as the most difficult area to manage, followed by current wills (29%), and guardian and beneficiary designations (20%).

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