Fifth Third Bank Launches Digital Estate Planning and Management Tool

By a News Reporter-Staff News Editor at Investment Weekly News -- Many studies show that nearly two-thirds of Americans don't have a will, and even fewer have created a full estate plan. Fifth Third Bancorp (Nasdaq®: FITB) understands that many people say the process is too complex and too-time consuming, so the Bank created Fifth Third LegacyLink, a digital platform that provides a simple, straightforward approach to estate management.

Available online and via mobile app, LegacyLink's valuable educational content and interactive checklists are free and open to all. An additional paid-subscription service, Asset Manager, helps users catalog, track and distribute estate assets.* The secure digital platform provides consumers the ability to serve themselves or to seek help from Fifth Third.

About $30 trillion in wealth is expected to change hands in the next several decades. Fifth Third spent two years hosting focus groups, surveying Millennials, Gen-Xers and Baby Boomers, conducting one-on-one interviews and researching estate planning and estate settlement trends. The Bank found that consumers wanted one trusted source for information, and help with more than just logistics, but the emotional side of managing an estate. Consumers also wanted to do much of the planning on their own and wanted a solution that was simple to use and digital.

"We learned that the way people want to manage their estates has changed. And although Millennials aren't the first group we think of in estate planning, it's a process that touches all ages," said Daniela Demaria, the Bank's managing director of strategic business development, who helped create LegacyLink. "That demographic and many others want more of a 'do-it-yourself' model. LegacyLink allows users the ability to go to the site for valuable insights, guidance and online tools to help plan an estate or settle an existing one."

LegacyLink guides users through the process: Interactive guidance: Estate planning and settlement can be a lot to manage. LegacyLink's interactive checklists guide users through the process with simple, straightforward steps, so they don't miss important legal, financial or administrative details along the way. Asset organization: Identifying, organizing and distributing assets are extremely time consuming. The LegacyLink Asset Manager organizes assets in one intuitive online catalog with photos, value estimates, history and sentimental value and even personal notes to their beneficiaries. Helpful resources: Whether creating their own plan or serving as an executor, most people have questions about the estate management process. LegacyLink's Learning Center offers information on everything from managing emotionally difficult conversations to understanding estate taxes. Access to advisors: Everyone has unique preferences for the way they handle their finances. LegacyLink gives users the choice to independently complete their tasks through the digital platform or collaborate with one of Fifth Third's trusted advisors for guidance on the process.

Keywords for this news article include: Banking and Finance, Fifth Third Bancorp.

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