Banks big and small are teaming up with estate-planning software platforms to help clients take care of that most neglected item on the personal finance to-do list: drafting a will.
“I think potentially there’s more at stake because of this wealth transfer for two reasons. Firstly, more wealth in the baby boomers and a more pressing need in the next generation – the millennials and Gen Z – needing that,” said Tim Hewson, chief executive officer of LegalWills, a web-based will-drafting service.
Completing a will online is similar to using DIY tax software. Customers click through a user-friendly interface that prompts them to answer simple questions about their circumstances and wishes. If you know who you want to name as beneficiaries of your assets; as the executor, the person in charge of distributing those assets; or as the guardian of your minor children, if you have any, the whole process can take less than half an hour.
“We also have this secondary audience of boomers and retirees who either are creating their first will – they just never got around to it – or are on fixed incomes and they’re getting quoted $800 to $1,000-plus to update their will that’s been sitting in their filing cabinet for 30 years,” said Willful chief executive officer Erin Bury.
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