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Mourning Has Multidimensional Costs – How Effective Estate Planning Can Ease Some of the Stress

Effective estate planning is crucial to the people your bank, credit union, financial advisory or other financial services company serves, whether they have come completely to grips with that reality or not. Having the right plans in place helps reduce the burden that loved ones bear in settling an estate and can significantly reduce the painful wait for it to settle.

The grief that mourners are left dealing with only makes the burden heavier. The costs can add up, and they involve more than just money. For instance, a study by the University of Georgia’s College of Public Health found that people in that state were 1.5 times more likely to visit a doctor 20 or more times in the two-year period after the death of a loved one. Even more striking, those over age 50 were more than twice as likely to die during bereavement.

The researchers cited depression and stress from the bereavement itself – the effects of which can include reverting to bad habits such as smoking, drinking and ignoring medical conditions. All that can add up to missed work, adding to the physical and material costs associated with the bereaved’s own health and paying the bills the deceased left behind.

Working-Aged People Bear the Burden

Wherever they live, the psychological and physical burden is most keenly felt by working-age people, those most likely to be part of the sandwich generation – responsible for caring for children and parents alike.

Employers can help. While there’s no federal bereavement leave policy, some states have them, and so do about 90% of U.S. companies, according to the International Foundation of Employee Benefit Plans.

But that time off is very limited, and one of the potentially biggest stresses, dealing with the liabilities and assets of the deceased’s estate can take months, not just a few days following a funeral. That time and uncertainty just add to the stress that, as we alluded to above, can take years off a person’s life.

That’s also one area where you can really step up as a holistic provider of financial services. A great first step is to offer streamlined, digital online estate planning platforms that are easy to use, simple but powerful, and complete. OneDigitalTrust is just that, as featured in new Javelin research. We provide single sign-on access to create legally valid wills, trusts, power of attorney, healthcare directives, guardianships, probate trackers and more, even a pet trust. It’s not just legal documents but we also offer estate analysis and optimization tools, plus hyper-personalized info to understand the implications of key aspects of the plan. These are all features that democratize capabilities previously available to the ultra-rich only. And, we provide a virtual vault for organizing all this, along with strategic guidance throughout your journey.

Cross-sell Effective Estate Planning Across Generations

Banks, credit unions, financial advisors, insurance agencies, benefits providers, and more can offer an easy-to-understand, effective estate planning process to help your organization attract and retain customers and members. Banks and credit unions that also have in-house advisors and insurers can use our platform as an opportunity to upsell your other services. That creates the opportunity for fee income while engaging with the consumers you serve in a highly valuable, personal and meaningful way. Our powerful platform also provides your organization with rich financial data on your members and customers so you can understand and better serve them. That’s a powerful cross-sell for you and a small cost many an aging baby boomer, Gen Xer, and even younger generations might happily bear when presented with the opportunity.

170M Americans need an estate plan. OneDigitalTrust offers a white-label, turnkey estate planning platform with pricing options tailored to the needs of banks, credit unions, financial advisors, wealth managers, insurance firms, employee benefit providers and more.

Contact us today to learn more!

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Inheritance Planning Crossword Puzzle #1

Estate IQ

Inheritance Planning Crossword Puzzle #1

First off, thanks for taking the time to engage with our crossword puzzle.

OneDigitalTrust is committed to increasing knowledge about estate and inheritance planning. We’ve designed our platform to make users more educated and knowledgeable about the inheritance planning process and terminology so they’ll be better informed about their choices.

Bottom line: the 65+ population in the U.S. is growing at an unprecedented rate. Between 2020 and 2060 the number of older adults will increase by 69% (from 54 Million to 95 Million); during the same period, the 85+ population is projected to TRIPLE (from 7 Million to 19 Million)1.

We believe that at some point you’re likely to serve as an executor (or a support role) in the estate plan of a loved one or a friend in some way, so learning more about estate & inheritance planning makes sense. We’re motivated to think of creative ways to spread awareness about this topic and share important tidbits of information.

Source: Population Reference Bureau (www.prb.org)

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If you are a trusted provider-institution serving your customer’s financial needs, why not add inheritance planning to your range of offerings? Fill out the form on this page and we’ll show you how you can empower your customers to complete essential end-of-life planning, using our customizable, white-label platform. We offer several flexible pricing options for your institution to make the platform available to your customers, branded as yours.

INSTRUCTIONS:

– Click on a clue (Across or Down) and the word will highlight in the puzzle – Type in the correct word to solve; click enter – If correct, a green check will appear; else a red cross will appear The puzzle is below – good luck completing it!