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Malaysian Reserve
7 hours ago
- Business
- Malaysian Reserve
Newlyweds Say 'I Do' to Love, But 'I Don't' to Estate Planning: 42% of Couples Haven't Created One
New Survey from Trust & Will Finds Marriage Sparks Conversations About Legacy—But Many Delay Estate Planning for a Decade or More SAN DIEGO, June 9, 2025 /PRNewswire/ — Love is in the air this wedding season, but financial protection isn't. A new report from Trust & Will exposes a critical disconnect between love, life milestones, and long-term planning. Despite saying 'till death do us part,' 42% of married Americans have no estate plan whatsoever – leaving their spouses and families financially vulnerable. With over two million weddings expected for 2025 – with 225,000 expected in June alone and well over 600,000 in summer1 – the timing couldn't be more critical. Yet, the survey reveals that even marriage, one of life's most significant milestones, fails to prompt immediate action on estate planning. 'When I got married, my wife and I realized we had no will, no healthcare directive, nothing. It was a wake-up call,' said Cody Barbo, Co-founder and CEO of Trust & Will. 'That realization inspired the very foundation of this company. Marriage is about building a life together, and an estate plan is part of securing that life.' The national survey of 750 Americans (evenly split among single, engaged, and married respondents) uncovered deep gaps in awareness, confidence, and estate planning behavior. The Procrastination Problem: While married individuals are nearly 4x more likely than engaged couples to have a will (44% vs. 12%), nearly half still have no estate plan at all. Of those who do plan, 30% waited 9 years or more after marriage to act; 38% of engaged respondents say marriage motivated them to consider estate planning. Only 19% of married couples create an estate plan within their first four years together. Overcoming the Engagement Disconnect: 38% of engaged couples say marriage motivates them to consider estate planning, but only 12% actually have a will. 50% admit they lack basic estate planning knowledge. Only 15% have a healthcare directive, and 9% don't know what one is. 37% haven't even considered naming an executor or trustee for their estate. The Gender and Generational Divide Millennials and Gen Z show strong intent (40%+ plan to create estate plans within 5 years) but they face barriers like cost, time, and lack of understanding. Men are 3x more likely to have a trust than women. Women are more likely to feel overwhelmed by estate planning and 38% more likely to feel financially insecure. Despite 67% of respondents citing 'being overwhelmed' as their primary barrier, estate planning can be completed in hours. Without planning, surviving spouses can face: A lengthy and expensive probate process. Inability to make critical medical decisions. Freezing of financial accounts. Disputes among family members over assets. Potential tax issues. 'A wedding is more than a celebration, it's a pledge to protect one another,' said Barbo. 'Creating an estate plan is one of the most meaningful expressions of love. It offers your partner peace of mind, security, and the clarity that comes from knowing your wishes are understood and honored.' To read the full report, please visit: About Trust & WillFounded 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 20,000+ 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 Media Contact: Mark LoCastro, Trust & Willpress@ 1 'Here Comes … A Lot of Couples Getting Married,' National Jeweler, June 29, 2022 [source URL]
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
CNBC
19-05-2025
- Business
- CNBC
Fifth Third Bank is giving its customers free wills
An estate plan is a critical part of preparing for the future, but less than a third of Americans say they have a will. Cincinnati-based Fifth Third Bank is working to change that by offering all of its customers free wills from online provider Trust & Will. None Fifth Third Bank operates 1,100 branches in 11 states: Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, South Carolina, Tennessee, and West Virginia No minimum balance $0 Monthly Service Fee Fifth Third Bank has a network of 2,400 ATMs and is linked to a network of partner ATMs across the U.S.. Fifth Third checking accounts offer overdraft protection for checks, bills and ACH payments. The fee for other overdrafts is $37 per item. Momentum checking accounts come with Fifth Third Extra Time, which allows you to avoid the fee by making a deposit bringing your account current before midnight ET the business day after your account is overdrawn. Yes All Fifth Third customers — deposit, small business and loan accounts — can access Trust & Will's guided online platform and create a free state-specific, attorney-approved will in less than an hour. Dying without a will can lead to a lengthy and expensive probate court process, during which funds are unavailable for funeral costs, medical bills and other essential expenses. It also means any assets will be distributed according to your state's intestacy laws, which might not align with your wishes. "We saw a definite need," Erin Crawford, head of the consumer payments and money management teams at Fifth Third, told CNBC Select. "We're giving our customers peace of mind by knowing that if something happened to them, everything their loved ones need is protected." $199 for an individual will, $299 for a joint will; $499 for an individual trust, $599 for a joint trust Wills, living wills, power of attorney, trusts Yes, costs $299 Online willmaker Trust & Will offers an easy-to-follow question-and-answer format and access to attorneys who can provide a line-by-line review or advise on estate and tax planning topics. You can print your documents or have them shipped to you. Wills from Trust & Will, one of CNBC Select's top picks for online will-makers, usually start at $199. The free offer is good for individual or joint wills in the 11 states where Fifth Third operates. As an alternative, the bank is also offering a $299 credit toward a Trust & Will living trust. A trust can provide more privacy and settle an estate faster than a will since it bypasses the probate process. "Every family deserves peace of mind," Trust & Will CEO Cody Barbo said in a statement. "Our mission is to make estate planning accessible to all and this partnership brings us one step closer to that goal."Find out more about Fifth Third's free offer here. At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every personal finance article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
Forbes
21-03-2025
- Business
- Forbes
What The Potential Elimination Of Step-Up In Basis Means
Cody Barbo, cofounder of Trust & Will . Our mission is to make estate planning inclusive, accessible and affordable for all. getty Estate planning has long been about building and preserving wealth, minimizing taxes and smoothly transferring assets across generations. With the new administration in office, discussions around potentially eliminating the step-up in basis are gaining momentum. While this is by no means a sure thing, getting rid of the step-up in basis would bring challenges for families looking to pass down assets. The step-up in basis has historically served as a critical tool for protecting middle-class families from excessive tax burdens when transferring wealth. Its elimination would disproportionately impact hardworking Americans who have spent years building generational wealth, making it harder for them to pass down assets without severe financial consequences. Step-up in basis is a tax provision that adjusts the value of an inherited asset to its fair market value at the time of the original owner's death. This means that if a parent bought a home for $100,000 decades ago, and it's worth $1 million at the time of their passing, their heirs would inherit it at the stepped-up value of $1 million. If they sell the property immediately, they owe little to no capital gains tax. Without the step-up in basis, heirs would instead inherit the original purchase price as their basis. If they sell the asset for $1 million, they could be responsible for capital gains taxes on $900,000 of appreciation—a massive tax bill that could force them to sell inherited properties just to cover taxes. For some families, this could mean losing a home that has been in their family for generations. Who Would Be Affected If The Step-Up In Basis Were Eliminated? If the step-up in basis were eliminated, the implications would be felt across all income levels, but particularly among middle-class families who inherit property, small businesses or stock investments. For Those Passing Down Property: Many families have spent decades building wealth through real estate. Without the step-up in basis, inheriting a home could come with a significant tax burden, making it harder to keep property in the family and diminishing opportunities for generational wealth building. For Those Inheriting Property: Beneficiaries who were counting on keeping a family home or rental property may need to sell assets just to cover tax obligations. This could have a devastating effect on working-class families who lack the liquidity to absorb large tax bills. For Small-Business Owners: Many family-owned businesses rely on step-up in basis to pass on ownership without triggering an immediate capital gains tax liability. Eliminating it could create a liquidity crisis for heirs who want to continue running the business, potentially forcing them to sell or shut down operations. How Can Families Pivot Their Estate Planning Strategies? Estate planning is about adaptability, and if step-up in basis were eliminated, families would need to rethink their strategies. Here are a few key approaches: 1. Leveraging Trust Structures A well-designed trust, such as a revocable living trust, can help mitigate tax burdens and ensure a smoother transfer of wealth. Irrevocable trusts, in particular, may help manage capital gains exposure if structured correctly. 2. Gifting Strategies Families might consider transferring assets while they are still alive to lock in current tax rules and take advantage of the annual gift tax exclusion ($19,000 per recipient in 2025). This can help reduce potential tax burdens for heirs. 3. Tax-Efficient Investing Using tax-advantaged accounts such as Roth IRAs, 529 plans or insurance-based strategies can help shield assets from heavy taxation when passed down to future generations. 4. Charitable Giving And Donor-Advised Funds For families with philanthropic goals, donating appreciated assets to charities or donor-advised funds can eliminate capital gains taxes while supporting meaningful causes. 5. Life Insurance As A Tax Planning Tool Life insurance proceeds are generally tax-free and can provide heirs with the liquidity they need to cover any new tax obligations. The Key To Protection: Proactive Estate Planning Regardless of political shifts, one thing remains constant: the need for proactive estate planning. The potential elimination of step-up in basis could impact countless American families' finances, particularly those striving to build and maintain generational wealth. Now is the time for families to revisit their estate plans and consult with estate planning professionals to prepare for any tax law changes. Without proper planning, middle-class families risk losing assets that took decades to build, all due to an avoidable tax burden. The information provided here is not investment, tax or financial advice. You should consult with a licensed professional for advice concerning your specific situation. Forbes Finance Council is an invitation-only organization for executives in successful accounting, financial planning and wealth management firms. Do I qualify?
