Estate planning requires attention to more than just children’s inheritances these days, according to a report released Monday by the BMO Retirement Institute, an organization based in Canada. Aging parents, pets and digital assets are new concerns for modern estate planners. The Institute surveyed people in the United States and Canada for the report.
Traditionally, estate planning has focused on leaving money for children or charities, says Tina Di Vito, head of the BMO Retirement Institute, in a statement. "However, we need to start incorporating emerging trends, such as advancements in technology, our close relationship with pets and the ongoing care of parents if we want to minimize the burden on loved ones."