Wills vs full estate planning — thoughts?
Discussion
Alright chaps,
Bit of a different one from the usual tyres/suspension chat, but I’d appreciate some honest views.
Most people think a will covers everything when it comes to sorting out their affairs. It doesn’t. Families often lose track of pensions, savings or insurance policies simply because no one knew they existed. Executors then end up spending hundreds of hours digging through paperwork and chasing banks, while also dealing with the grief of losing someone.
I’m one of the co-founders of a new startup trying to solve this — the idea is to go beyond just wills and make estate planning (assets, documents, debts, etc.) simple and affordable, so ordinary families don’t lose what should rightfully be theirs.
What I’m looking for:
- Would you ever trust/use something like this instead of a traditional solicitor?
- What would make you think “yep, this is legit” rather than “scammy”?
- Have you been through sorting someone’s estate and found it a nightmare?
Not selling anything here — just after the usual PH blunt feedback to see if we’re barking up the wrong tree or if there’s a genuine need. Happy to be told it’s a crap idea if that’s the consensus.
Cheers,
Nick
Bit of a different one from the usual tyres/suspension chat, but I’d appreciate some honest views.
Most people think a will covers everything when it comes to sorting out their affairs. It doesn’t. Families often lose track of pensions, savings or insurance policies simply because no one knew they existed. Executors then end up spending hundreds of hours digging through paperwork and chasing banks, while also dealing with the grief of losing someone.
I’m one of the co-founders of a new startup trying to solve this — the idea is to go beyond just wills and make estate planning (assets, documents, debts, etc.) simple and affordable, so ordinary families don’t lose what should rightfully be theirs.
What I’m looking for:
- Would you ever trust/use something like this instead of a traditional solicitor?
- What would make you think “yep, this is legit” rather than “scammy”?
- Have you been through sorting someone’s estate and found it a nightmare?
Not selling anything here — just after the usual PH blunt feedback to see if we’re barking up the wrong tree or if there’s a genuine need. Happy to be told it’s a crap idea if that’s the consensus.
Cheers,
Nick
I like it as an idea, and haven’t heard of anything similar, but there are a wide variety of ways you could design/implement it that would materially impact chances of success and future value.
A couple of comments:
1) UX is important. You have to make it easy to use and (as you rightly say) instil confidence in the users and their families.
2) Route to market is essential. Almost as, if not more, important than the core product itself.
3) Think about your target market/user base: it’s not just families.
4) There are loads of cross-sell opportunities within that product space.
Done right the trust/credibility thing is really easy to fix.
Don’t underestimate the cost to build/take to market. It’s not cheap building something that is robust, secure, and scalable.
A couple of comments:
1) UX is important. You have to make it easy to use and (as you rightly say) instil confidence in the users and their families.
2) Route to market is essential. Almost as, if not more, important than the core product itself.
3) Think about your target market/user base: it’s not just families.
4) There are loads of cross-sell opportunities within that product space.
Done right the trust/credibility thing is really easy to fix.
Don’t underestimate the cost to build/take to market. It’s not cheap building something that is robust, secure, and scalable.
I think it’s a good idea but I don’t think it’ll work.
There’s definitely a problem to be solved but the people who suffer from the problem (the executors) are not the same as the person needing to fix it. This creates a willingness-to-pay gap.
I.e. Who is supposed to pay for the service? The beneficiaries likely won’t up front..
And the person with the assets is either motivated to sort it out themselves or is burying their head in the sand.
If they are motivated, then anyone could create a list of assets and locations just in case. I do this and have it all in a shared doc that I keep up to date.
I think this leaves you looking for unicorn customers. Those that are not motivated enough to do it themselves but are motivated enough to pay for a service to do it for them. I’m not sure these people exist and that’s what I’d be establishing before building anything.
(There may be a business model where the service is free at the point of use and charges after death, but that’d need thinking about)
There’s definitely a problem to be solved but the people who suffer from the problem (the executors) are not the same as the person needing to fix it. This creates a willingness-to-pay gap.
I.e. Who is supposed to pay for the service? The beneficiaries likely won’t up front..
And the person with the assets is either motivated to sort it out themselves or is burying their head in the sand.
If they are motivated, then anyone could create a list of assets and locations just in case. I do this and have it all in a shared doc that I keep up to date.
I think this leaves you looking for unicorn customers. Those that are not motivated enough to do it themselves but are motivated enough to pay for a service to do it for them. I’m not sure these people exist and that’s what I’d be establishing before building anything.
(There may be a business model where the service is free at the point of use and charges after death, but that’d need thinking about)
The percentage of people who don’t actually leave a will may be another handicap.
I like the idea in principle but the problem will be signing people up to it.
Who actually is your target market ?
Age demographics may play a part too depending on how digital you plan being on or will be.
I’ve long been an advocate of people keeping at least a page of financial details for their Executors to start with even if they don’t want to create spreadsheets etc.
Having had to clear a relatives house after she went into home having not lived there for a decade ( don’t ask ) and as her LPA then try and find papers and deal with debt collectors and the like was potentially a nightmare although as someone well used to business matters it was actually ok.
The trust thing will be a huge obstacle.
What is your connected experience ?
I like the idea in principle but the problem will be signing people up to it.
Who actually is your target market ?
Age demographics may play a part too depending on how digital you plan being on or will be.
I’ve long been an advocate of people keeping at least a page of financial details for their Executors to start with even if they don’t want to create spreadsheets etc.
Having had to clear a relatives house after she went into home having not lived there for a decade ( don’t ask ) and as her LPA then try and find papers and deal with debt collectors and the like was potentially a nightmare although as someone well used to business matters it was actually ok.
The trust thing will be a huge obstacle.
What is your connected experience ?
Really value your perspective, LooneyTunes. I’d love to pick your brain further on go-to-market strategy. At this stage, we’re leaning toward launching an MVP to B2C first as a way to validate product–market fit. That said, we’re mindful of the challenges in securing those first customers. From your view, what do you see as the smartest path to market? And who else should might the product be a good fit for?
LooneyTunes said:
A couple of comments:
1) UX is important. You have to make it easy to use and (as you rightly say) instil confidence in the users and their families.
2) Route to market is essential. Almost as, if not more, important than the core product itself.
3) Think about your target market/user base: it’s not just families.
4) There are loads of cross-sell opportunities within that product space.
1) UX is important. You have to make it easy to use and (as you rightly say) instil confidence in the users and their families.
2) Route to market is essential. Almost as, if not more, important than the core product itself.
3) Think about your target market/user base: it’s not just families.
4) There are loads of cross-sell opportunities within that product space.
You’ve raised a really good point about the willingness-to-pay gap. Like you, I try to be organised and have an Excel sheet with all my details that my partner can access, so I definitely see your perspective.
If I flip the script, though: what would make a product compelling enough that someone who already has their assets in order would still consider using it? Could the right product/value proposition influence the adoption?
If I flip the script, though: what would make a product compelling enough that someone who already has their assets in order would still consider using it? Could the right product/value proposition influence the adoption?
fat80b said:
I think it’s a good idea but I don’t think it’ll work.
There’s definitely a problem to be solved but the people who suffer from the problem (the executors) are not the same as the person needing to fix it. This creates a willingness-to-pay gap.
I.e. Who is supposed to pay for the service? The beneficiaries likely won’t up front..
And the person with the assets is either motivated to sort it out themselves or is burying their head in the sand.
If they are motivated, then anyone could create a list of assets and locations just in case. I do this and have it all in a shared doc that I keep up to date.
I think this leaves you looking for unicorn customers. Those that are not motivated enough to do it themselves but are motivated enough to pay for a service to do it for them. I’m not sure these people exist and that’s what I’d be establishing before building anything.
(There may be a business model where the service is free at the point of use and charges after death, but that’d need thinking about)
There’s definitely a problem to be solved but the people who suffer from the problem (the executors) are not the same as the person needing to fix it. This creates a willingness-to-pay gap.
I.e. Who is supposed to pay for the service? The beneficiaries likely won’t up front..
And the person with the assets is either motivated to sort it out themselves or is burying their head in the sand.
If they are motivated, then anyone could create a list of assets and locations just in case. I do this and have it all in a shared doc that I keep up to date.
I think this leaves you looking for unicorn customers. Those that are not motivated enough to do it themselves but are motivated enough to pay for a service to do it for them. I’m not sure these people exist and that’s what I’d be establishing before building anything.
(There may be a business model where the service is free at the point of use and charges after death, but that’d need thinking about)
That’s a really sharp observation. If someone wouldn’t hand over that information to anyone but their partner (or solicitor), then any solution has to meet or exceed that same standard of trust.
The way I see it, that could come from a mix of credibility signals (e.g. endorsements, accreditations) and product design choices (e.g. security, UX). But I’m curious: in your mind, what would actually make a service feel more trustworthy than a solicitor?
The way I see it, that could come from a mix of credibility signals (e.g. endorsements, accreditations) and product design choices (e.g. security, UX). But I’m curious: in your mind, what would actually make a service feel more trustworthy than a solicitor?
clockworks said:
Interesting idea.
Got me thinking about who I would trust with a complete list of all my finances?
The only answer currently is my partner.
To me, that's the problem your business has to overcome - be more trustworthy than the family solicitor.
Got me thinking about who I would trust with a complete list of all my finances?
The only answer currently is my partner.
To me, that's the problem your business has to overcome - be more trustworthy than the family solicitor.
Thanks, Alscar! I completely agree that adoption will hinge on targeting the right segment. My current thinking is to focus first on people in midlife (say 40s–60s) who are organised enough to see the value, but may not yet have a solicitor-managed setup. A lot of them will also end up as executors for their parents, so they’re both dealing with the problem and in a position to make decisions.
I see it being digital-first, but with accredited solicitors involved. Both to back up the machine learning and to review documents before anything goes out.
I come from a tech background and got involved with estate management through a number of projects where I spent time with solicitors, life insurers and grieving families. That’s what got me thinking there had to be a way for tech to make the process lighter. The more I explore, the more I realise the biggest challenge isn’t just technology, but overcoming the trust and behavioural barriers around adoption.
I see it being digital-first, but with accredited solicitors involved. Both to back up the machine learning and to review documents before anything goes out.
I come from a tech background and got involved with estate management through a number of projects where I spent time with solicitors, life insurers and grieving families. That’s what got me thinking there had to be a way for tech to make the process lighter. The more I explore, the more I realise the biggest challenge isn’t just technology, but overcoming the trust and behavioural barriers around adoption.
alscar said:
The percentage of people who don’t actually leave a will may be another handicap.
I like the idea in principle but the problem will be signing people up to it.
Who actually is your target market ?
Age demographics may play a part too depending on how digital you plan being on or will be.
I’ve long been an advocate of people keeping at least a page of financial details for their Executors to start with even if they don’t want to create spreadsheets etc.
Having had to clear a relatives house after she went into home having not lived there for a decade ( don’t ask ) and as her LPA then try and find papers and deal with debt collectors and the like was potentially a nightmare although as someone well used to business matters it was actually ok.
The trust thing will be a huge obstacle.
What is your connected experience ?
I like the idea in principle but the problem will be signing people up to it.
Who actually is your target market ?
Age demographics may play a part too depending on how digital you plan being on or will be.
I’ve long been an advocate of people keeping at least a page of financial details for their Executors to start with even if they don’t want to create spreadsheets etc.
Having had to clear a relatives house after she went into home having not lived there for a decade ( don’t ask ) and as her LPA then try and find papers and deal with debt collectors and the like was potentially a nightmare although as someone well used to business matters it was actually ok.
The trust thing will be a huge obstacle.
What is your connected experience ?
Thanks, Sheepshanks! An IFA can definitely act as the central hub for pulling everything together. I guess the challenge is that not everyone has (or can afford) an ongoing relationship with an IFA, so there’s a bit of a gap for those people. I’m curious, though, what motivated you to go down that route? Was it more about growing wealth through investments, or more about estate planning?
Sheepshanks said:
Our IFA knows the main things. Pulling everything together was one of the motivations for using an IFA.
Ignoring the lack of wills issue even those that are set up with them and potentially LPA’s I doubt that unless they have named Solicitors as their Executors ( not necessarily the best idea from a cost perspective ) it’s down to said Executors to then decide on whether to add a solicitor into the mix.
Trying to persuade that target market to persuade their parents is certainly one route although that’s where the digital / trust issue comes in strongly.
I’ve persuaded my FIL at 92 to sit down with my wife and
produce a list of assets and keepers and I know both feel happier for it.
Trying to persuade that target market to persuade their parents is certainly one route although that’s where the digital / trust issue comes in strongly.
I’ve persuaded my FIL at 92 to sit down with my wife and
produce a list of assets and keepers and I know both feel happier for it.
Hyperlemon said:
Alright chaps,
Families often lose track of pensions, savings or insurance policies simply because no one knew they existed.
I think this is true but also the flaw in the business model. The type of people who lose track of stuff aren't going to be buying into your services. They just aren't. And the type of people who don't lose track (like most posters on the PH finance forum) don't need the service. Families often lose track of pensions, savings or insurance policies simply because no one knew they existed.
Hyperlemon said:
Really value your perspective, LooneyTunes. I’d love to pick your brain further on go-to-market strategy. At this stage, we’re leaning toward launching an MVP to B2C first as a way to validate product–market fit. That said, we’re mindful of the challenges in securing those first customers. From your view, what do you see as the smartest path to market? And who else should might the product be a good fit for?
My advice would be to think not in terms of MVP but rather as MSP (minimum saleable product): MVP thinking tends to trap people into thinking about products as being the technology. That's a massive bear trap. MSP thinking helps with a more holistic view, where route to market, branding, etc also play a significant role.LooneyTunes said:
A couple of comments:
1) UX is important. You have to make it easy to use and (as you rightly say) instil confidence in the users and their families.
2) Route to market is essential. Almost as, if not more, important than the core product itself.
3) Think about your target market/user base: it’s not just families.
4) There are loads of cross-sell opportunities within that product space.
1) UX is important. You have to make it easy to use and (as you rightly say) instil confidence in the users and their families.
2) Route to market is essential. Almost as, if not more, important than the core product itself.
3) Think about your target market/user base: it’s not just families.
4) There are loads of cross-sell opportunities within that product space.
In terms of who else it'd be relevant for, you've potentially got a B2B offering as well that could really drive adoption and address many of the trust issues (albeit there are some obvious product design considerations that would also help). It'd need a little bit of research to validate that there's a market gap, but I reckon you'd find it time well spent doing that. Rather than spray it over the internet I'll drop you a PM if you want?
You might know already, but be very very careful with your initial designs and first customers. It is easy to assume that initial customers' wants/desires are representative of the broader market: in my experience they very rarely are. Don't say "yes" or prioritise their requests too quickly/easily or you run the risk of having a product that they love but the market hates!
Hyperlemon said:
That’s a really sharp observation. If someone wouldn’t hand over that information to anyone but their partner (or solicitor), then any solution has to meet or exceed that same standard of trust.
The way I see it, that could come from a mix of credibility signals (e.g. endorsements, accreditations) and product design choices (e.g. security, UX). But I’m curious: in your mind, what would actually make a service feel more trustworthy than a solicitor?
There's perhaps a product design variant that doesn't actually need much in the way of really sensitive information and could make a good MSP. From what you've said about your background you'll have either considered and rejected it, or might kick yourself.The way I see it, that could come from a mix of credibility signals (e.g. endorsements, accreditations) and product design choices (e.g. security, UX). But I’m curious: in your mind, what would actually make a service feel more trustworthy than a solicitor?
clockworks said:
Interesting idea.
Got me thinking about who I would trust with a complete list of all my finances?
The only answer currently is my partner.
To me, that's the problem your business has to overcome - be more trustworthy than the family solicitor.
Got me thinking about who I would trust with a complete list of all my finances?
The only answer currently is my partner.
To me, that's the problem your business has to overcome - be more trustworthy than the family solicitor.
Hyperlemon said:
Alright chaps,
Bit of a different one from the usual tyres/suspension chat, but I’d appreciate some honest views.
Most people think a will covers everything when it comes to sorting out their affairs. It doesn’t. Families often lose track of pensions, savings or insurance policies simply because no one knew they existed. Executors then end up spending hundreds of hours digging through paperwork and chasing banks, while also dealing with the grief of losing someone.
I’m one of the co-founders of a new startup trying to solve this — the idea is to go beyond just wills and make estate planning (assets, documents, debts, etc.) simple and affordable, so ordinary families don’t lose what should rightfully be theirs.
What I’m looking for:
- Would you ever trust/use something like this instead of a traditional solicitor?
- What would make you think “yep, this is legit” rather than “scammy”?
- Have you been through sorting someone’s estate and found it a nightmare?
Not selling anything here — just after the usual PH blunt feedback to see if we’re barking up the wrong tree or if there’s a genuine need. Happy to be told it’s a crap idea if that’s the consensus.
Cheers,
Nick
Sorry, but I will not be using your proposed services. I already have ALL the relevant information available for my executors once I am gone (yes, I have a Will too). It's all in an Excel workbook with a dozen or so separate spreadsheets, one for each appropriate subject and its information, including contact details of course. In the workbook I do not record any actual financial values: that's in a separate spreadsheet kept elsewhere. The volume of information is quite amazing. Consequently, it needs to be kept up to date as new information arrives.Bit of a different one from the usual tyres/suspension chat, but I’d appreciate some honest views.
Most people think a will covers everything when it comes to sorting out their affairs. It doesn’t. Families often lose track of pensions, savings or insurance policies simply because no one knew they existed. Executors then end up spending hundreds of hours digging through paperwork and chasing banks, while also dealing with the grief of losing someone.
I’m one of the co-founders of a new startup trying to solve this — the idea is to go beyond just wills and make estate planning (assets, documents, debts, etc.) simple and affordable, so ordinary families don’t lose what should rightfully be theirs.
What I’m looking for:
- Would you ever trust/use something like this instead of a traditional solicitor?
- What would make you think “yep, this is legit” rather than “scammy”?
- Have you been through sorting someone’s estate and found it a nightmare?
Not selling anything here — just after the usual PH blunt feedback to see if we’re barking up the wrong tree or if there’s a genuine need. Happy to be told it’s a crap idea if that’s the consensus.
Cheers,
Nick
Of course, having all this information is of no real use unless your executors know its there and how to locate it. In my case, my son is one of my executors so I send him all the information once a quarter. He knows where I keep it. I'd guarantee it has 99% of the information needed by my executors.
I think your plan is a good one because, having been an executor myself several times for family members, I am aware how much information is required and that it is rarely available in one place. Finding heaps of papers everywhere and then not being sure they cover everything is quite typical, frightening, and then time consuming. Often, people do not realise the mess they leave behind for their executors to clear up!
BTW, having this information readily available in no way replaces the necessity of having a Will. No action can be taken without a Will and Probate, or a Grant of Administration if no Will.
R.
Thanks so much for the thoughtful feedback, LooneyTunes. I really appreciate the depth here.
You’re right, MSP thinking is a great reframing. I’ve probably been guilty of falling into the “tech-first MVP” mindset, and I can see how widening the lens to include route to market, trust signals, and branding from day one would avoid that trap.
The B2B angle is especially interesting and I’d definitely be keen to explore where that might intersect with B2C. If you’re open to sharing a bit more by PM, I’d love to pick that up!
In terms of who else it'd be relevant for, you've potentially got a B2B offering as well that could really drive adoption and address many of the trust issues (albeit there are some obvious product design considerations that would also help). It'd need a little bit of research to validate that there's a market gap, but I reckon you'd find it time well spent doing that. Rather than spray it over the internet I'll drop you a PM if you want?
You might know already, but be very very careful with your initial designs and first customers. It is easy to assume that initial customers' wants/desires are representative of the broader market: in my experience they very rarely are. Don't say "yes" or prioritise their requests too quickly/easily or you run the risk of having a product that they love but the market hates!
You’re right, MSP thinking is a great reframing. I’ve probably been guilty of falling into the “tech-first MVP” mindset, and I can see how widening the lens to include route to market, trust signals, and branding from day one would avoid that trap.
The B2B angle is especially interesting and I’d definitely be keen to explore where that might intersect with B2C. If you’re open to sharing a bit more by PM, I’d love to pick that up!
LooneyTunes said:
Hyperlemon said:
Really value your perspective, LooneyTunes. I’d love to pick your brain further on go-to-market strategy. At this stage, we’re leaning toward launching an MVP to B2C first as a way to validate product–market fit. That said, we’re mindful of the challenges in securing those first customers. From your view, what do you see as the smartest path to market? And who else should might the product be a good fit for?
My advice would be to think not in terms of MVP but rather as MSP (minimum saleable product): MVP thinking tends to trap people into thinking about products as being the technology. That's a massive bear trap. MSP thinking helps with a more holistic view, where route to market, branding, etc also play a significant role.LooneyTunes said:
A couple of comments:
1) UX is important. You have to make it easy to use and (as you rightly say) instil confidence in the users and their families.
2) Route to market is essential. Almost as, if not more, important than the core product itself.
3) Think about your target market/user base: it’s not just families.
4) There are loads of cross-sell opportunities within that product space.
1) UX is important. You have to make it easy to use and (as you rightly say) instil confidence in the users and their families.
2) Route to market is essential. Almost as, if not more, important than the core product itself.
3) Think about your target market/user base: it’s not just families.
4) There are loads of cross-sell opportunities within that product space.
In terms of who else it'd be relevant for, you've potentially got a B2B offering as well that could really drive adoption and address many of the trust issues (albeit there are some obvious product design considerations that would also help). It'd need a little bit of research to validate that there's a market gap, but I reckon you'd find it time well spent doing that. Rather than spray it over the internet I'll drop you a PM if you want?
You might know already, but be very very careful with your initial designs and first customers. It is easy to assume that initial customers' wants/desires are representative of the broader market: in my experience they very rarely are. Don't say "yes" or prioritise their requests too quickly/easily or you run the risk of having a product that they love but the market hates!
Hyperlemon said:
That’s a really sharp observation. If someone wouldn’t hand over that information to anyone but their partner (or solicitor), then any solution has to meet or exceed that same standard of trust.
The way I see it, that could come from a mix of credibility signals (e.g. endorsements, accreditations) and product design choices (e.g. security, UX). But I’m curious: in your mind, what would actually make a service feel more trustworthy than a solicitor?
There's perhaps a product design variant that doesn't actually need much in the way of really sensitive information and could make a good MSP. From what you've said about your background you'll have either considered and rejected it, or might kick yourself.The way I see it, that could come from a mix of credibility signals (e.g. endorsements, accreditations) and product design choices (e.g. security, UX). But I’m curious: in your mind, what would actually make a service feel more trustworthy than a solicitor?
clockworks said:
Interesting idea.
Got me thinking about who I would trust with a complete list of all my finances?
The only answer currently is my partner.
To me, that's the problem your business has to overcome - be more trustworthy than the family solicitor.
Got me thinking about who I would trust with a complete list of all my finances?
The only answer currently is my partner.
To me, that's the problem your business has to overcome - be more trustworthy than the family solicitor.
Thanks, R. Sounds like you’re incredibly organised, and your executors will be grateful for the effort you’ve put in.
Your experience as an executor really resonates with why I started exploring this idea in the first place. You’ve essentially built the “ideal customer outcome” yourself, which is impressive.
Your experience as an executor really resonates with why I started exploring this idea in the first place. You’ve essentially built the “ideal customer outcome” yourself, which is impressive.
The Leaper said:
Sorry, but I will not be using your proposed services. I already have ALL the relevant information available for my executors once I am gone (yes, I have a Will too). It's all in an Excel workbook with a dozen or so separate spreadsheets, one for each appropriate subject and its information, including contact details of course. In the workbook I do not record any actual financial values: that's in a separate spreadsheet kept elsewhere. The volume of information is quite amazing. Consequently, it needs to be kept up to date as new information arrives.
Of course, having all this information is of no real use unless your executors know its there and how to locate it. In my case, my son is one of my executors so I send him all the information once a quarter. He knows where I keep it. I'd guarantee it has 99% of the information needed by my executors.
I think your plan is a good one because, having been an executor myself several times for family members, I am aware how much information is required and that it is rarely available in one place. Finding heaps of papers everywhere and then not being sure they cover everything is quite typical, frightening, and then time consuming. Often, people do not realise the mess they leave behind for their executors to clear up!
BTW, having this information readily available in no way replaces the necessity of having a Will. No action can be taken without a Will and Probate, or a Grant of Administration if no Will.
R.
Of course, having all this information is of no real use unless your executors know its there and how to locate it. In my case, my son is one of my executors so I send him all the information once a quarter. He knows where I keep it. I'd guarantee it has 99% of the information needed by my executors.
I think your plan is a good one because, having been an executor myself several times for family members, I am aware how much information is required and that it is rarely available in one place. Finding heaps of papers everywhere and then not being sure they cover everything is quite typical, frightening, and then time consuming. Often, people do not realise the mess they leave behind for their executors to clear up!
BTW, having this information readily available in no way replaces the necessity of having a Will. No action can be taken without a Will and Probate, or a Grant of Administration if no Will.
R.
Not sure who’d go for it. There are those who don’t prepare at all, with no Will or records, some have one or the other, some have both, and some are super organised as above and have Wills, LPAs and everything records wise set up and ready to go. I’d guess you’d be selling to the latter, but they are the toughest group to sell something like this to, because they already have the spreadsheet, IFA etc, and in most cases have thought of everything way in advance of needing it.
Literally selling a box folder with ‘Assets’ preprinted on it could be just as appealing.
Literally selling a box folder with ‘Assets’ preprinted on it could be just as appealing.
TwigtheWonderkid said:
I think this is true but also the flaw in the business model. The type of people who lose track of stuff aren't going to be buying into your services. They just aren't. And the type of people who don't lose track (like most posters on the PH finance forum) don't need the service.
^^ I think that's exactly the point.Anyone with any sense simply leaves a couple of lists are easy to find, ideally with their original Will or a copy of it saying where the original's kept.
List 1 - assets, bank accounts, investments, savings, pensions etc
List 2 - any lifetime gifts (for the rolling 7 year exemption and taper).
I don't think B2C will sell for the reasons already given.
A better approach would be to build a national register of all such accounts/policies/pensions/shareholdings etc. that those in need can pay to access when required or via a subscription model.
To do this, you'd need to gather momentum by getting a consortium of major players to work with you to build a working prototype. Solicitor firms are unlikely to fund this if it takes away a moneyspinner for them.
There will be a huge amount of risk surrounding data privacy, security and data quality and then there's the question around policies and individuals outside of the UK. The impact of getting this things wrong will be severe.
Another challenge will be the reticence many will have to a third party having centralised access to so much personal and financial data.
The following are not a million miles away and might give you some ideas of the challenges:
https://www.pensionsdashboardsprogramme.org.uk/
https://www.apexgroup.com/insights/apex-group-acqu...
A better approach would be to build a national register of all such accounts/policies/pensions/shareholdings etc. that those in need can pay to access when required or via a subscription model.
To do this, you'd need to gather momentum by getting a consortium of major players to work with you to build a working prototype. Solicitor firms are unlikely to fund this if it takes away a moneyspinner for them.
There will be a huge amount of risk surrounding data privacy, security and data quality and then there's the question around policies and individuals outside of the UK. The impact of getting this things wrong will be severe.
Another challenge will be the reticence many will have to a third party having centralised access to so much personal and financial data.
The following are not a million miles away and might give you some ideas of the challenges:
https://www.pensionsdashboardsprogramme.org.uk/
https://www.apexgroup.com/insights/apex-group-acqu...
Edited by LeoSayer on Wednesday 27th August 15:15
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