The estate planning start-up, Wealth, is pursuing a $180 billion U.S. market by utilizing a digital dashboard that updates holdings in real-time. Many technology companies have offered potential approaches to solving these issues ranging from WillMaker to EverPlans. The CEO of Wealth has stated that he believes his company is pursuing a more unique strategy by appealing to workers that want to offer more value-added benefits.
The Company’s Founding
The company was founded by the former CEO of the company Emailage, which has since been acquired by LexisNexis. The assets from such a sale allow individuals to create, manage, and visualize estate plans through a detailed ecosystem of proprietary legal documents as well as third-party APIs.
The Company’s Goal
The company’s founder stated that they wanted to make the process easier so your information is dynamic, and will encourage your family to grow to have holistic views of assets. The founder also stated that this is what will make things different from everyone else. The overarching view of your assets will help keep you knowledgeable about the status of the assets.
How the Company Works
After a person establishes a profile, you address several questions including where you live so Wealth can assess the type of documents you need. Users then communicate with a dashboard where they can add all of their assets and establish digital documents of important papers. All this information is now located in one area and people can appoint emergency access to loved ones.
Wealth will initially tackle the employee benefits market. The company surveyed at the end of 2021 and determined that 13% of Americans between the ages of 30 and 55 are receiving estate planning. More than 70% who lack estate plans have stated that they would be inclined to establish one if it was offered by their employer.
How to Begin Estate Planning Today
Estate planning is full of challenges, and some people even lose sight that they can take steps today to start creating an estate plan that will achieve their goals. Rather than wait for a company like Wealth to fully execute its vision, you can begin getting your estate in order by following some simple steps:
- Identify the key players. As you begin the estate planning process, you should what people you would like to include in your estate plan. These people often range from family members to friends to business partners.
- Review qualifying estate items. When going over the terms of your portfolio, you should review every valuable item, which might include real estate, investment portfolios, or life insurance.
- Share your plans. Estate planning is more than creating a document and filing it away where no one will ever see it. Instead, it’s a wise idea to provide copies of your estate planning documents to the people who will be most impacted by your plans.