Latest news with #2025EstatePlanningReport
Business Wire
19-05-2025
- Business
- Business Wire
Fifth Third Becomes First Bank to Offer Free Wills to All Customers
CINCINNATI--(BUSINESS WIRE)--Fifth Third (NASDAQ: FITB) today announced a first-of-its-kind initiative to offer free wills to every customer, through an exclusive partnership with Trust & Will, the leading digital estate planning platform in the U.S. Starting today, millions of Fifth Third customers can access a secure, guided online experience to create a state-specific, attorney approved will – at no cost and in less than one hour. This experience is designed to be simple and stress-free, ensuring peace of mind and a streamlined legal process for more American families during what can be a time of great emotional turmoil. This pioneering offer from Fifth Third and Trust & Will seeks to addresses a significant gap in estate planning in the U.S. According to Trust & Will's 2025 Estate Planning Report, which surveyed 10,000 Americans aged 18 and over, 83% of Americans think a will is important, and yet only 31% have one in place. This lack of preparedness isn't evenly distributed. Older generations, wealthier households, and men tend to be more prepared, while younger adults, lower-income individuals, and women lag behind. 'At Fifth Third, we are leading the industry with digital solutions that solve everyday banking needs,' said Ben Hoffman, chief strategy officer and head of consumer products at Fifth Third. 'First, we focused on getting customers paid as early as possible, which then streamlined how they paid others. In response to evolving threats of scams and fraud, we reinforced security protections to better protect customers identity and money. Now, we're thrilled to address another gap in financial planning with this novel partnership, securing our customers' legacies for generations to come.' For many families, not having an estate plan can result in significant financial strain and stress. Without a will, families may struggle to access critical funds needed for funeral expenses, rent, or everyday bills. By offering free wills to all families, Fifth Third Bank and Trust & Will proactively address these concerns, ensuring families of all income levels have access to modern tools to secure their legacies and protect what matters most. 'We believe every family deserves peace of mind,' said Cody Barbo, CEO of Trust & Will. 'Our mission is to make estate planning accessible to all, and this partnership brings us one step closer to that goal.' Fifth Third customers can learn more about Trust & Will and get started at About Fifth Third Fifth Third is a bank that's as long on innovation as it is on history. Since 1858, we've been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it's one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere's World's Most Ethical Companies ® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation's highest performing regional bank, but to be the bank people most value and trust. Fifth Third Bank, National Association is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank and its common stock is traded on the NASDAQ ® Global Select Market under the symbol "FITB." Investor information and press releases can be viewed at Deposit and credit products provided by Fifth Third Bank, National Association. Member FDIC. About Trust & Will Founded in 2017, Trust & Will is the leading digital estate planning platform in the U.S., trusted by over one million individuals and families. Our simple, secure, and attorney-approved online solutions help Americans easily create wills, trusts, healthcare directives, and other essential estate planning documents tailored to state-specific laws. With a focus on easy access and a guided experience, we're transforming how families plan for the future and protect their legacies. Our platform supports 17,000+ financial advisors, along with 150+ enterprise partners and financial institutions — including AARP, Fifth Third Bank, LPL Financial, UBS, and USAA. We empower professionals to integrate estate planning into their client services, enabling multi-generational wealth planning. With more than one million users and $100+ billion in self-reported estate assets, Trust & Will is redefining estate planning as a relationship-deepening driver of financial wellness. Recognized for innovation and leadership, Trust & Will has earned spots on the CNBC Disruptor 50, Inc. 5000, and Deloitte Technology Fast 500™ lists. Learn more at Category: Other
Yahoo
16-04-2025
- Business
- Yahoo
Women Are Less Likely Than Men To Have an Estate Plan: 5 Tips To Get Started
Men are more likely to have an estate plan in place than women, according to Trust & Will's 2025 Estate Planning Report. The report found that 34% of men have a will compared to 29% of women, and 15% of men have a trust compared to only 9% of women. Additionally, women are more likely to have no estate planning documents at all (58% versus 50% for men). The most cited reason for lacking an estate plan is not knowing where to start. Check Out: Read Next: In this 'Financially Savvy Female' column, we're chatting with Chitra Patel, CFP with Trust & Will, about the basics women need to know to build their estate plans, particularly if they're starting from scratch. Women should seek out trusted professionals or reputable digital platforms that align with their needs. An estate planning attorney is ideal for customized guidance, particularly for complex situations like blended families, business ownership or special needs planning. For a more streamlined, accessible approach, online platforms like Trust & Will offer legally valid documents with built-in guidance. When evaluating a resource, they should look for: Experience and credentials: An attorney should specialize in estate planning and be licensed in their state. Ease of use: Platforms should be straightforward and have state-specific legal compliance. Client reviews and recommendations: Seeking referrals from financial advisors, trusted friends or professional networks can help ensure reliability. Learn More: Women should take a comprehensive inventory of their wealth, including: Financial assets, such as bank accounts, retirement funds, investments and life insurance policies. Real estate and property, including homes, rental properties, vacation homes and land. Digital assets like online accounts — which can include online bank or investment accounts, cryptocurrency accounts, PayPal or Venmo accounts, social media accounts, email accounts, cloud storage and more, in addition to any intellectual property and domain names. Business interests, including ownership stakes, succession plans and agreements. Personal valuables and heirlooms, such as jewelry, art, collectibles and sentimental items. The key is ensuring a clear plan for each asset — who inherits them, how they are transferred and any tax implications. Women should designate trusted individuals to make decisions on their behalf and manage their legacy: Executor of the estate to ensure the will is carried out properly. Beneficiaries for assets, life insurance and retirement accounts. Guardian for minor children in case of an untimely passing. Healthcare proxy (or medical power of attorney) to make medical decisions if they become incapacitated. Financial power of attorney to manage finances if they are unable to do so. Having these designations in place prevents legal delays and ensures their wishes are honored. A solid estate plan should include: A will to specify asset distribution and guardianship for minor children. A trust (if applicable) to manage assets efficiently, avoid probate and provide for beneficiaries over time. Beneficiary designations on retirement accounts and life insurance policies, which override a will. Power of attorney to allow a trusted person to handle financial matters if they become incapacitated. A healthcare directive (or advance directive) to outline medical wishes and appoint a healthcare decision-maker. Regularly updating these documents ensures they reflect life changes, such as marriage, divorce and/or new children. Now: Create or update a will; a simple will is better than none. Assign power of attorney and a healthcare proxy to ensure someone they trust can make critical decisions. Name beneficiaries on financial accounts to ensure a smooth transfer. Make a digital asset plan, storing passwords securely and assigning someone to manage them. Over the long term: Set up a trust, if needed, for tax efficiency, asset protection or supporting heirs over time. Plan for business succession if they own a business, ensuring a clear transition strategy. Review and update estate plans regularly, ideally every few years or after major life events. This approach keeps estate planning manageable while ensuring financial security at every stage. More From GOBankingRates Mark Cuban: Trump's Tariffs Will Affect This Class of People the Most4 Affordable Car Brands You Won't Regret Buying in 2025How To Get the Most Value From Your Costco Membership in 20257 Tax Loopholes the Rich Use To Pay Less and Build More Wealth This article originally appeared on Women Are Less Likely Than Men To Have an Estate Plan: 5 Tips To Get Started
