We have all seen or heard of the story where a husband ordered a bouquet of flowers for his wife every Valentine’s Day for the rest of her life, after he passed away. What if this idea is within reach for anyone and everyone to do? And it need not be complicated – think passing down memories and life stories instead of roses, and digitally too! This is where the heritance App comes in. Founded in April 2021, this fledging fintech company is breaking ground in the area of inheritances. And you need not be materially rich in order to think about passing on an inheritance – after all, leaving a legacy is not only in terms of financial wealth but also values.
The heritance App empowers consumers to learn, prepare and customize their own inheritance that includes their family network, memories, values and assets at their convenience, before passing them down.
Let’s start with the tangibles. When one talks about passing down valuables after death, a will comes to mind. However, no more than 10-15% of Singaporeans actually have one because the current process is:
- Too technical – most do not understand the legality of a will and that deters them from beginning the process.
- Too final – many feel the need to finalize all assets and plans first before doing a will.
- Too tedious – most would hesitate to divulge family details to an outsider such as a lawyer or estate planner and prepare lengthy documents.
- Too costly – the average cost of a will is S$300 – S$500 for a professionally drafted simple Will and over S$1,500 for a customised will.
- Ineffective – only 10% of household wealth is expected to reach the 3rd generation. There is also an increase in family inheritance-related disputes, lawsuits and family division despite these families having a will in place.
Enter the heritance App – in the palm of your hand, you can draft an effective SmartWill that can pass down both values AND valuables. With the App, drafting a will is now:
- More personalized – there is ease and flexibility to integrate your relationships, memories and customised wishes into a robust estate plan.
- More interactive – you can learn, plan and progressively update your will anytime, anywhere.
- More lifestyle – the mobile-first convenience and accessibility reframes inheritance as dynamic, emotive and fun instead of boring and final.
- More affordable – the heritance App increases accessibility for everyone to plan their own inheritance. The digitalisation of will-drafting also simplifies the work of lawyers, wealth managers and estate planners.
Let’s turn our attention to the next key feature – passing down of intangibles. What do your values consist of? Memories, life lessons, teachings… you name it. The Memories and Memory Time Capsule features in the heritance App enables you to upload photos, videos, audio and documents to pass them down.
Time the App to send life lessons or precious memories to your loved ones years after you are no longer around. Alternatively, schedule for your blessings to be sent to your children on their marriage or graduation. No particular milestone to celebrate? You can also fix a custom date for your loved one to receive something special from you as a surprise.
These two key features are just the tip of the iceberg of what the heritance App can do. Beyond a consumer App, the heritance App also aspires to change the way lawyers, wealth planners, financial consultants and other related professionals work. Presently, heritance is already working with more than 30 professionals to realise this dream.
The enterprising start up is dipping its toes in Malaysia and Indonesia as well. The team envisions that heritance will be the number one tool in Asia that will transform the way one approaches the concept of leaving a legacy.
Heritance Digital is founded by a team of four hailing from the wealth and estate planning, tech start-up and legal industries. Right now, the team has grown to a strong 11 to drive the tech development and marketing outreach. Their efforts have not been in vain. The heritance App is available for free download in the Google Play Store and App Store. It undergoes regular updates as the tech team continues to work hard behind the scenes.
The company’s website is also interesting and educational. Check out www.heritance.org to watch videos and read articles on exemplars – titans in the business and family sectors – as they share their invaluable insights and stories. Missed out on heritance’s past events? Their website and YouTube channel also keeps a log of all the recordings.
Follow their socials for great content and App tutorials:
Be the first to get your hands on this App today!