Foresight is 2020: Estate Planning for the Next Decade
It’s impossible to predict the future. While we might not have a reliable crystal ball to gaze into, it is possible to make informed estimations about what the next decade of estate planning might hold. While some principles are unlikely to change – wills and trusts are a perennial favorite for a reason – it’s worth exploring how trends could impact your own financial plans. Here are just a few hints at what the 2020s have in store:
Tech Will Continue to Drive Change
Financial planning in 2019 looks a lot different than planning in 2009, largely because of evolving technology. We handle just about everything from our smartphones, and as tech continues to improve, accessibility will remain a priority. The signing of documents, the sharing of key decisions, and the ease of access to critical files has made estate planning easier than ever. It’s safe to assume that it will become even easier as the technology continues to break boundaries.
Cybercrime Will Become More Common – and More Impactful
The drawback to all that ease of access? Criminals can more easily hack into your files and use your personal information for gain. With more and more information stored in the cloud, cybercrime is bound to become a larger issue. Thankfully, the SEC is looking out: new regulations require financial advisors to double down on their existing security tools in order to protect sensitive client data. Still, it’s worth asking your financial planner how your information is being guarded online.
The Graying of America Will Reach New Heights
Baby Boomers have been aging gracefully for decades now, but the 2020s will see an unprecedented number of retirees. Americans are living longer and longer, and that will have a serious impact on the nation’s infrastructure. Though the Social Security trust fund is guaranteed through at least 2033, many older Americans are preparing their personal retirement funds for the worst case scenario. Unless drastic changes are made to our current tax or benefit system, the impact on our oldest population will be significant.
Video Wills May Replace Written Versions
We’re a long way away from video wills being the norm, but experts say it’s not out of the question. It took more than twenty years for e-filing of such documents to become mainstream, and it’s safe to assume it’ll take just as long for video wills to be considered acceptable. After all, the law takes a long time to catch up with technology! In the meantime, you can use videos to supplement your written will. The technology offers you the chance to personally address your beneficiaries while still relying on your written testimony for confirmation of your wishes.
Having the Wilson+Miller team on your side can ensure that you are aware of all of the latest trends, laws, and changes. We’re here to help you keep your estate plan on track and up to date.