Sumitomo Mitsui Trust Bank (SMTB) has launched a new type of trust product that manages the assets of single persons after their deaths and arranges their funeral services.
Property and real estate entrusted by a client to the bank will be distributed according to the client's will and other factors after his or her death.
SMTB will also offer the clients other services, such as deletion of data stored on their smartphones and PCs and the transfer of pets. Funeral expenses, trust fees and other expenses will be deducted from their deposited assets after death.
Those who wish to apply must do so with a staff member at the bank, which is planning to increase the number of branches that deal with the product by October or so.
The percentage of single-person households in Japan's population is increasing against the backdrop of a declining marriage rate and other demographic factors.
According to an estimate by the National Institute of Population and Social Security Research, more than 30% of all households in the country will consist of single persons within this year.
"Products tailored for single people are rare," an official of the SMTB said.
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