Willed, the online estate planning platform based in Victoria, has emerged as a game-changer in Australia’s burgeoning estate planning sector thanks to its simple and quick Will creation process.
Recently, the company secured AU $6 million in funding and won the Best Newcomer Award at the Victorian Government's Start-Up Awards.
We asked David Kaplan, Co-founder of Willed, to discuss the company's journey, its innovative approach, and its vision for the future of estate planning.
The Genesis of Willed
What inspired you and your co-founders to create Willed?
The inspiration for Willed came from our personal experiences with the complexities and inefficiencies of traditional estate planning.
We could see there was a significant gap in the market for a user-friendly, accessible solution that could demystify the process. One that would make it available to everyone rather than those who could afford a traditional legal Will.
Willed's Mission and Impact
How is Willed aiming to transform estate planning in Australia?
We aim to democratise estate planning by making it affordable and accessible to all Australians, regardless of their financial status or legal knowledge.
Secondly, we want to educate people about the importance of having a Will and then to empower them with the tools they need to take control of their legacy.
That’s what Willed is all about: simplifying the process and innovating to remove the barriers that have traditionally kept many Australians from creating a Will.
How is Willed positioned to address the upcoming “Great Wealth Transfer” in Australia?
Trillions of dollars is expected to change hands between generations over the next two decades. That’s a lot of money in anyone’s terms. But it presents both challenges and opportunities. At Willed, we're acutely aware of this impending shift and are tailoring our services to address it.
We're focusing on educating both the older generation about the importance of preparation and the younger generation about responsible inheritance management. Our platform makes it easy to document wishes for specific assets, even for digital assets like cryptocurrency.
It is our goal to make the wealth transfer process as smooth as possible.
Innovative Approach and Services
Can you walk us through the key services Willed offers and how they differ from traditional estate planning?
Certainly. At the core of our offering is our online Will creation platform where customers can create a legally binding Will in as little as 20 minutes. We provide clear instructions throughout, supported by plain-language explanations.
Once a customer has made their Will, we securely store a copy of it and whatever related documents are required. Then, when things change later on down the track, they can log in and update it easily.
Beyond that, we also offer legal services around probate and letters of administration, and pre-paid funeral plans.
How is Willed addressing modern estate planning challenges?
Willed customers can account for digital assets like cryptocurrency, social media accounts, and online businesses in their Will.
Our platform guides customers through cataloguing these assets and provides clear instructions for executors on how to access and distribute them.
Growth, Challenges, and Future Plans
You’ve already secured $6 million in funding and won the Best Newcomer Award in 2023. What are your plans for future growth?
We're thrilled about these recent milestones, but this is just the beginning for Willed.
We’re investing in our team, our platform, and in marketing to raise awareness about the importance of end of life planning and the accessibility of our solution.
What challenges have you faced in disrupting the traditional estate planning industry?
One of our biggest challenges has been overcoming the inertia and misconceptions surrounding end of life planning.
A lot of Australians believe it's only for the wealthy or that it's just too complex and time-consuming, so they do nothing about it.
We’re investing heavily in educational content to draw attention to the importance of having a Will — and just how easy it is to make one.
What's your vision for Willed and the industry for the next five years?
Ultimately, we aim to make end of life planning as straightforward as possible and to be the go-to platform for online Wills in Australia.
Speaking more broadly to the future of the industry, we envision a future where estate planning is fully integrated with other aspects of financial planning, from retirement savings to insurance.
