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.
“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:
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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.
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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.
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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.
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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.
Fifth Third Bancorp
Laura Trujillo, 513-534-4361
Laura.trujillo@53.com