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Disrupting Estate Planning: Wealthtech?



How will $68 trillion in wealth be passed along to Millennials and Generation X over the next twenty-five years? Wealthtech! That’s the disruption experts say is underway as legal, financial and tech innovators work together, “democratizing” estate planning so that more families have access to more effective ways to pass wealth forward.


Transforming Wealth Management

We’ve seen how technology has upended a host of traditional businesses. For example, as an insurtech leader, Colonial Surety took the pain out of surety and fiduciary bonds, making them directly, instantly and digitally available to everyone via  I-Bond® services. Toward leveling the playing field in estate planning, industry insiders report that technology is making more effective estate planning widely available. The wealth management disruption is underway just in time for the Baby Boom generation to pass trillions of dollars to heirs. As Wealth Management reports:


The wealth management industry is in the midst of a technological transformation as firms look toward technology to address challenges with profit growth, changing demographics and operational efficiency. This phenomenon is particularly noticeable in estate planning, an area long overdue for disruption that currently requires wealth managers to spend resources educating financial advisors, hiring in-house estate planning specialists, and manually converting dense documents into client presentations. Requiring this level of investment has caused many firms to reserve estate planning advice for their wealthiest clients, those who can benefit from a wider range of estate planning strategies and whose AUM justifies the costs. Yet this creates a perception that estate planning is only for the rich, despite the multitude of benefits it can provide to clients of any wealth level.


Wealthtech firms are flipping the narrative by developing solutions that democratize estate planning through artificial intelligence, design thinking and automation. Wealth managers who leverage this disruptive technology will make estate planning more accessible to a wider client base, improve the ability of financial advisors to differentiate themselves and drive future growth.


Estate Bonds?

With more families protecting and preserving assets through estate planning, fiduciary bonds, like estate bonds, continue to have an important role in wealth transfer. Essentially, an estate bond protects the interests of the estate and its beneficiaries in accordance with state law. At Colonial, any fiduciary bond, including estate bonds, are available directly and digitally. The steps to obtaining any bond are easy: get a quote online, fill out the information, and enter a payment method. Print or e-file the bond right from anywhere—even the law office.

Obtain Estate Bond Here


Wealthtech in Action

Exactly what does a “wealthtech approach” look like applied to estate planning? Wealth Management offers this snapshot:


Innovation opens the door for the democratization of estate planning. Wealth managers who previously reserved estate planning for their wealthiest clients can use artificial intelligence and automation to begin engaging the mass affluent client segment to capture the millionaires of tomorrow. For example, a wealth manager might add an estate planning page to their client portal that allows clients to upload estate planning documents and receive automated analysis. A client that uploads their estate planning documents would consent to sharing this data with the wealth manager to enhance the level of advice they can receive. The client can then opt to meet with a financial advisor to discuss their plan or a financial advisor can proactively reach out to set up a meeting. This service would add value for clients…


Adding Value?

Colonialdirect, fully digital, user-friendly fiduciary bond portfolio reduces the time and expense typically associated with antiquated bonding processes. In addition to providing bonds directly to the general public, Colonial offers The Partnership Account® for Attorneys. This free business service provides user-friendly client management dashboards, enabling attorneys to easily coordinate, view, complete and e-file the court and fiduciary bonds clients need. See for yourself today: The Partnership Account® for Attorneys.


Founded in 1930, Colonial Surety Company is a direct writer of surety bonds and insurance products.  Colonial is rated “A Excellent” by A.M. Best Company, U.S. Treasury listed, and licensed for business everywhere in the USA.