How Online Estate Planning Service Willed Is Disrupting Will Writing in Australia
In a country where nearly half of adults don't have a will, the online estate planning service Willed.com.au is transforming estate planning through technology, making it accessible for all Australians.
How Willed Began
Founded in Melbourne by Aaron Zelman, David Kaplan, and Tim Glasson, Willed emerged from the founders' personal frustrations with traditional estate planning services.
"We saw a significant gap in the market," explains co-founder David Kaplan in an interview. "Traditional will-writing was expensive, time-consuming, and often intimidating. We believed technology could make this essential service more accessible to everyday Australians."
This vision has quickly gained traction. The company secured $6 million in funding and won the Best Newcomer Award at the Victorian Government's Start-Up Awards, validating their innovative approach to estate planning.
Breaking Down Barriers to Will Creation
Willed's success stems from addressing the main reasons people delay creating a will. According to the company's research, 48% of Australians put off will-making because they believe it's too expensive, while 44% think it's too complicated.
"Our platform removes these barriers," Kaplan says. "We've simplified the process so anyone can create a legally binding will in about 20 minutes, at a fraction of the traditional cost."
The company's approach is working. Their survey reveals that 38% of users "finally got around to" creating a will specifically because online services made the process more accessible and less daunting.
How Willed Works
The Willed platform guides users through a straightforward questionnaire that covers all essential aspects of estate planning:
- Appointment of executors
- Guardian nominations for minor children
- Asset distribution
- Specific gifts and bequests
- Funeral preferences
- Digital asset instructions
The platform has been designed to be intuitive while still covering all the critical elements of a comprehensive will. "Our step-by-step process uses plain language and provides explanations throughout, making estate planning accessible to everyone regardless of their legal knowledge."
Once completed, users can store their will digitally on the platform while keeping a physical signed copy. The service also allows for unlimited updates within the first year, acknowledging that circumstances often change.
Beyond Basic Wills
While will creation remains their core service, Willed has expanded to offer a suite of end-of-life planning solutions:
- Probate services: Legal assistance for executors
- Letters of administration: Help for families when someone dies without a will
- Prepaid funeral plans: Allowing people to arrange and pay for their funeral in advance
"We're building a comprehensive platform for all aspects of end-of-life planning," Kaplan explains. "Our goal is to create a seamless experience that guides Australians through these important decisions."
Preparing for the Great Wealth Transfer
Willed is positioning itself to help Australians navigate the impending "Great Wealth Transfer" – an estimated $3.5 trillion that will pass from Baby Boomers to younger generations over the next two decades.
"This unprecedented wealth transfer presents both challenges and opportunities," notes Kaplan. "We're focused on educating both the older generation about proper preparation and the younger generation about responsible inheritance management."
The company has developed specific features to address modern estate planning challenges, including provisions for digital assets like cryptocurrency, social media accounts, and online businesses.
The Future of Estate Planning
Looking ahead, Kaplan envisions further integration between estate planning and broader financial planning.
"We see a future where estate planning is fully integrated with other aspects of financial planning, from retirement savings to insurance," he says. "Our goal is to make Willed the go-to platform for online wills and estate planning in Australia while continuing to innovate and expand our services."
