Like any other field in the law industry, estate planning has evolved over time and will continue to do so. All the trends and solutions that used to be popular in public are now being replaced by newer, more modernized, and safe alternatives. 

These new solutions are designed to meet the current generation’s needs and ensure their assets’ safety. They are also designed to be more flexible and user-friendly, making them more accessible to a wider range of people.

If you also want to know about the new solutions and the latest trends in estate planning, this guide is devised for you. Here, we’ll talk about the latest trends in estate planning and why they’re gaining popularity. Stay with us till the end!

7 New Trends In Estate Planning

After conducting thorough research, we’ve identified seven latest trends in estate planning for 2024. These trends are being considered by nearly everyone involved in estate planning, aiming to protect assets and ensure a smooth transfer to the next generation.

1. End-of-Life Planning

One of the significant changes in estate planning nowadays is increased awareness. Just a few years ago, estate planning was mainly about transferring estate rights to beneficiaries.

However, as of 2024, there’s a growing trend towards end-of-life planning. Most people are considering who will manage their estate during medical emergencies, make financial decisions, and what rights they will have.

2. Digital Estate Planning

As time progresses, new categories of assets are emerging, making estate planning even more complex. These newer assets include cryptocurrencies, social media accounts, business email addresses, and royalties from creative content like music.

As a result of this change, individuals who own these assets are turning to estate planning lawyers to transfer their rights. All of this is making digital estate planning a rising trend.

3. Family Governance Structure

A family governance structure is a new trend in estate planning. It means creating a structure for a family’s own business to make decisions. This practice benefits individuals who want to safeguard their wealth across generations.

This structure includes a family constitution that defines family goals, values, and principles. It also involves a board of directors making decisions, a family council, shareholder agreements, and a clear plan for succession planning.

4. Digital Solutions

Another noticeable trend in estate planning is offering digital solutions. Nowadays, more people opt for online meetings with lawyers to discuss their cases, avoiding the inconvenience of commuting to offices.

As a result, law firms are adapting by offering online consultation services and the option to create Wills online. Document signing can be done electronically, and in many states, online notarization services are also available for convenience.

5. Tax-Efficient Estate Planning

Taxes on properties and transferring assets are a concern for many individuals. This is the reason tax-efficient estate planning is trending. Estate owners now favor asset transfer methods with minimal or no tax implications.

For example, creating a trust or gifting a specific amount annually to someone can help save money on taxes. As of 2024, individuals can gift someone up to $18,000, and a married couple can jointly gift up to $36,000 without paying taxes.

6. Charitable Work

Besides transferring the assets right to the family, estate planning is also used for charitable work. Individuals with estates and an interest in philanthropy often seek guidance from estate planning lawyers on efficiently donating funds for charitable work.

Estate planning lawyers provide insight into incorporating charitable giving into estate planning. They advise on the most suitable methods and ensure compliance with legal formalities for charitable donations.

7. Grandchildren Trust

The seventh latest trend in estate planning is creating grandchildren’s trust. These trusts are usually set up for grandchild education and a secure future. One key benefit of using a trust is that its assets are shielded from potential claims by spouses in case of separation.

This means that the spouse of your grandchildren cannot claim a portion of the trust assets. Instead, these assets will automatically go to the great-grandchildren, making it an excellent option for transferring wealth within the family.

Final Words

So, that’s all! We hope you’ve got an idea about the latest trends in estate planning as of 2024. All the trends mentioned aim to address individuals’ evolving needs when managing their estates and assets.

You can contact estate planning lawyers if you’re interested in any trends. For our clients, we offer 12-month access to free online document storage, family legacy strategy sessions, free consultation, and much more.