People are generally intimidated by legal documents, with wills (and their statuses as memento mori) causing even more existential dread, so Farewill has cropped up to make will-writing easier and less expensive. After all, no matter how avidly one wants to avoid thinking about their will, the document is essential for when one's time ultimately comes.
Farewill lets users write legally binding wills in as little as 12 minutes. That might seem short if one is imagining a lengthy legal tome, but wills are actually relatively simple documents as far as legal text goes, requiring little more than some boilerplate text and any minor additions that the writer sees fit (things like gifts for loved ones, etc.)
Farewill is currently only available for users living in England or Wales, though the service hopes to expand to other jurisdictions in the future.
Why This Trend Is Growing
- Simplified Will-writing
- There is an opportunity for online platforms to provide simplified and user-friendly experiences for writing legally binding wills.
- Time-efficient Will Creation
- There is a demand for online will-writing services that offer quick and efficient solutions, such as completing a will in as little as 12 minutes.
- Global Expansion of Will-writing Services
- The expansion of online will-writing platforms to different jurisdictions provides a disruptive innovation opportunity to serve a broader customer base.
Industries Being Reshaped
- Legal Services
- The legal industry can embrace online will-writing services to streamline the process and provide accessible solutions for clients.
- Technology Platforms
- Technology platforms can disrupt the traditional will-writing process by offering online platforms that simplify and expedite the creation of legally binding wills.
- Fintech
- The fintech industry can explore partnerships or develop innovative solutions that integrate with online will-writing platforms to enhance the estate planning experience.
