Fifth Third Bank Launches Digital Estate Planning and Management Tool
May 15 2017 - 2:27PM
Business Wire
From DIY to Expert Help, LegacyLink Simplifies
Estate Management
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.
This Smart News Release features multimedia.
View the full release here:
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“Most people don’t like to talk about
death, let alone plan for their own. Factor in the seemingly
overwhelming process of preparing wills, trusts, health care
directives, lists of passwords and other estate planning documents,
and it’s no surprise that many people avoid the process entirely,”
said Mike Michael, head of Fifth Third’s Wealth and Asset
Management business. “Fifth Third wanted to find a way to demystify
estate planning and executor duties, finding a new way to guide
families through the difficult process.” (Photo: Business Wire)
“Most people don’t like to talk about death, let alone plan for
their own. Factor in the seemingly overwhelming process of
preparing wills, trusts, health care directives, lists of passwords
and other estate planning documents, and it’s no surprise that many
people avoid the process entirely,” said Mike Michael, head of
Fifth Third’s Wealth and Asset Management business. “Fifth Third
wanted to find a way to demystify estate planning and executor
duties, finding a new way to guide families through the difficult
process.”
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.
To create your own account or find more information on
LegacyLink, visit www.53legacylink.com.
*Fifth Third’s paid LegacyLink account is $99 a year and offers
additional features allowing you to organize assets in an online
catalog including pictures, values estimates and even personals
note to beneficiaries.
About Fifth Third
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio. As of March 31, 2017, the
Company had $140 billion in assets and operated 1,155 full-service
Banking Centers and 2,471 ATMs in Ohio, Kentucky, Indiana,
Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and
North Carolina. Fifth Third operates four main businesses:
Commercial Banking, Branch Banking, Consumer Lending, and Wealth
& Asset Management. As of March 31, 2017, Fifth Third also had
a 17.8 percent interest in Vantiv Holding, LLC. Fifth Third is
among the largest money managers in the Midwest and, as of March
31, 2017, had $323 billion in assets under care, of which it
managed $33 billion for individuals, corporations and
not-for-profit organizations through its Trust, Brokerage and
Insurance businesses. Investor information and press releases can
be viewed at www.53.com. Fifth Third’s common stock is traded on
the Nasdaq® Global Select Market under the symbol “FITB.” Fifth
Third Bank was established in 1858. Member FDIC, Equal Housing
Lender.
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version on businesswire.com: http://www.businesswire.com/news/home/20170515005951/en/
Fifth Third BancorpLaura Trujillo,
513-534-4361Laura.trujillo@53.com
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