It’s no secret that the internet has disrupted almost every industry known to man. From investing to tax filing, it has left a trail of both success and failure behind it, with winners and losers in those industries shifting in remarkable ways.
One industry that has been slow to move online is estate settlement. There are many reasons for this, but one that is often overlooked is basic demographics. With the average age of death in the US being 79, and those with wealth typically living even longer, the result is a group of executors who are often over 60 in age and not terribly digitally savvy. As such, estate settlement has experienced very little change thus far during the digital revolution.
The Coming Wave
Simple demographics tell us that there will be a huge increase in executorship in the coming years, spiking as the first of the Baby Boomers, who were born starting in 1946, begin to reach their average life expectancy in 2025.The children of these Boomers, many of whom will serve as executors for their parents, are a much more digitally-savvy group who could approach the process in fundamentally different ways. This is a group that consults Google before they do almost anything and will certainly leverage the treasure trove of free information available online to help them manage this complex process.