Intro
Estate planning is a complex task and can be quite overwhelming for some individuals without having all the details on how to go about creating one. The recent emergence of estate planning apps promises to simplify the process and bring benefits to individuals looking to create simple estate plans without complex needs. In this blog post, we will explore the advantages of using estate planning apps like Inherrit, and how they are transforming estate planning for individuals.
Simplifying the Complex Task of Estate Planning
The thought of creating an estate plan can feel daunting for many. The process involves understanding country-specific legal provisions, complex processes, and lots of documentation. This is one of the main reasons why individuals put in lower down their priority list, even though it’s one of the most important aspects of financial planning. Typically, the starting of estate planning begins with the guidance of financial advisors or legal professionals, which can be costly as well as time-consuming. This is where the estate planning apps come to the rescue.
These handy digital apps, often available on the Google and Apple app stores, break the complex process into a step-by-step guide. This makes it more manageable, digestible and user-friendly for anyone to kick-start the process. Because these apps are aimed directly at individuals rather than legal professionals, they do not use legal jargon and provide plain and simple instructions that make the process less intimidating. If your estate planning needs are simple, there’s no requirement for a finance degree or a background in law to kick-start your estate planning process.
Because these apps guide you through the necessary steps clearly and concisely, they put you in the driver’s seat of your estate planning journey. Whether you’re a tech-savvy millennial or from the previous generation who is used to Word and Excel, the intuitive interfaces of these apps make estate planning a task that anyone can tackle with confidence.
In essence, estate planning apps you can think about the apps as a compass guiding you through the labyrinth of estate management. Some of the apps also automatically generate basic wills, helping you to navigate with clarity and certainty. The help section of these apps, is filled with FAQs to ensure you are armed with the knowledge and resources you need, making estate planning as simple as possible.
Increased Privacy and Control
Maintaining data security for all your estate-related information matters. In comparison to using an Excel or Word document, estate planning apps offer a much better and secure solution. Apps that are GDPR compliant, operate under stringent data security and sharing protocols to keep your personal information confidential, granting you the peace of mind to manage your estate with total discretion.
Imagine a private chamber with multiple levels of security including the popular two factor authentication, log passwords and firewalls. This is the level of security estate planning apps provide when compared to Word or Excel documents. Because all information is stored in your account, you are in full control, deciding who sees what information, who inherits what, at what time along with the relevant documents. This level of granular control substantially lowers the risk of family quarrels and disagreements over your estate, promoting familial harmony when it matters most.
Accessibility and Convenience
By the very nature that they are an app, you cannot get more convenience by using any other technological solution. All your information is readily available, 24x7x365. Whether you’re lounging at home or travelling for work, these apps offer you the flexibility to take control of your estate planning from anywhere, at any time.
When compared with using traditional tools like Word, Excel or even pen and paper, you do not need to sift through mountains of physical documents or the bother of arranging and attending meetings. Your smartphone or tablet becomes your personal estate planning office, ready to serve you around the clock. It’s as easy as opening the app, making the changes you want and hitting save. If for any reason you want to update your will at midnight or track your assets while sipping coffee at your favourite cafe, having an estate planning app can be very useful.
The apps, like many others, offer a modern, efficient approach to estate planning, providing you with a personalised, portable tool for managing your legacy.
Cost-Effective Solution
If your estate is simple, why engage the services of lawyers and financial advisors that can cost a significant amount of money? We are not saying you should rely on these apps for all your needs but if your estate is simple, why not save the legal fees and pass the same to your family? Depending upon which app you use, some of them are designed to act as your personal advisor, guiding you through every step of the journey without leaving a hole in your pocket.
Ensuring a Smooth Transition
Everyone wants a peaceful passage of their legacy, the cherished assets they have worked so hard to accumulate seamlessly should be passed on seamlessly into the hands of your loved ones, without adding to the grief and stress at such a difficult time. Because all information is logged into the app in a structured format, apps like Inherrit, which supports sharing of estate planning details with family, can easily access all the information using just their mobile phone.
When you compare this to storing information in Word, Excel or pen and paper, there is no comparison. Finding information scattered across Word and Excel files at an already stressful time for your family can be very difficult and can create additional hardships for them.
Apps that allow you to share your final wishes also help with disputes and disagreements that may arise at such a critical time for the family. Having a detailed, easy-to-access record of your decisions significantly lowers the chance of potential conflicts, ensuring your legacy isn’t marred by discord.
Using the popular Microsoft Excel vs Apps
While Excel may seem like a handy tool for estate planning, its functionality is limited in comparison to the innovative features offered by estate planning apps. The mere thought of collating all your assets, financial details, and inheritance plans in numerous spreadsheets can be daunting, not to mention time-consuming. Plus, the risk of errors and omissions is significantly higher when manually inputting and managing such critical data.
On the other hand, estate planning apps are designed to seamlessly organise and manage your estate with step-by-step guidance. Whether it’s updating your will, adding new assets, or changing beneficiaries, these apps can help you complete these task in a few clicks rather than hours spent with spreadsheets.
When it comes to security, Excel sheets are not as secure as an app where access is restricted via various modes of authentication. The majority of these apps also use encryption to ensure all your information is secure at all times.
