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How digital transformation is making estate planning accessible

March 10, 2023
clock 3 MIN READ

I’ll be the first to admit that the term “estate planning” always felt like it was for everyone else, and it looks like I’m not alone. In a 2022 survey conducted by Caring.com, two-thirds of Americans do not have an estate plan. Much of this is rooted in having to deal with complex documents, legal jargon, specialized attorneys, and a process that is manual and time consuming–all of which can create a costly and difficult experience.

The good news is that in the space of estate planning, digital transformation has moved from being just a buzzword to creating true business value. It has resulted in making one of the most important elements of wealth management more accessible to everyone, no matter your level of wealth.

Digital transformation is more than forms automation.

Sometimes I work with companies who boast about digitally transforming a process, only to find out that they took their physical forms and “transformed” them into fillable PDFs or “electronic forms” in SharePoint or Salesforce. While no one would argue it’s likely much better than the physical forms used before, what is often lost is that digital transformation is not about forms automation. It’s about business process transformation first and foremost, enabled by technology.

In concept, the objective should be to eliminate the form altogether, not automate it. The goal should be to remove steps, create efficiencies, eliminate handoffs and redundancies, and enhance and enrich the experience for customers or internal users. When digital transformation is successful, it can transform business processes, create better experiences, and increase access and engagement

Trust & Will: Moving beyond forms to a truly transformative experience.

Trust & Will is transforming the digital creation and updating of trusts and wills, while helping reduce friction for families to create a plan that fits their lives' needs and fulfills their legacies.

The team at Trust & Will has developed a platform intended to provide an easy, fast, and secure way to set up a customized and compliant estate plan online that can be used by financial advisors, wealth managers, or consumers directly. The company's platform modernizes estate planning with a design-first TurboTax-like approach, layered on top of personalized support to help people throughout the process, making estate planning simple, affordable, and accessible.

We're excited to extend our strategic partnership with this investment in Trust & Will, and we look forward to working with their leadership team as they deliver solutions that help provide a seamless wealth management experience. We join existing investors in this round including Northwestern Mutual Future Ventures (a prior investor), USAA, and Amex Ventures. Prior strategic investors include UBS, AARP, and Fifth Third (Pitchbook, Trust & Will Profile, March 2023).

View the press release.

Russ Kliman

Global Leader, SEI Ventures

Russ leads our Ventures team.

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