Online wills set to soar

Digital wills are growing in popularity overseas amid COVID-19, and this Australian tech firm says the same will happen here.

Willed, which has gone live this month, can help Australians create a will in under 20 minutes.

A new start-up has launched to help the 50 per cent of Australians who don’t have a will, with Willed.com.au offering what it says is the easiest way to create a legal will online, particularly for over-65s.

Willed, which has gone live this month, can help Australians create a will in under 20 minutes and founder Aaron Zellman told The Australian that digital wills are fast growing in popularity in overseas markets, and that it’s his mission is to help Australians think about what comes next and become more organised.

Mr Zellman said working with a lawyer to prepare a will can cost up to $3,000, and not having one in place can cost loved ones thousands more in fees and administration.

Willed charges a flat rate of $159 per will.

“Our ‘she’ll be right attitude’ is the reason many Australians fail to plan ahead. This pandemic gives everyone the sense they are approaching a cliff face and we are seeing people actually using the extra time on our hands to get things done that we would have otherwise put off indefinitely,” Mr Zellman said.

“Will making is clearly one of those – there are reports of people in the UK signing wills on car bonnets. And we are getting a similar reaction from people over here. Something that was always in the too-hard basket is suddenly an immediate weight on their minds.”

He added that the trend for consumers to finally tackle their ‘too hard’ basket will also likely bring about growth in areas such as life insurance, money management and self-education.

“People do have more time on their hands which is also helping them ‘get things done,” he said.

“We are seeing people in the 65-plus age bracket getting wills done online. I think there is a leap forward with certain older demographics embracing software such as WhatsApp, Facetime and even Zoom in ways never seen before – this could lead to more consumer spending online by these groups who are gaining more confidence online.

“In terms of will making beyond 2020, they may be pressure on politicians to ease standard of having wills witnessed by two other people – especially if things get even more dire.

“But the biggest trend we expect is for consumers to embrace online will making which we have seen happen in certain countries overseas.”

Mr Zellman said launching a start-up in the middle of COVID-19 hadn’t been easy, and the company has had to shift its messaging.

“In a world of information overload and effective gridlock, people need solutions that are quick and simple more than ever. Time saving technology will increase market share, especially where the old solution is laborious and highly time consuming,” he said.

“With so many of the products and services that are designed to help folks plan ahead – everything from superannuation to estate planning – we can see a level of complexity that is often alienating, and as more people demand those options on their own terms, there will be opportunities.”