In a nation where nearly half of all adults lack a will, David Kaplan has made it his mission to transform how Australians approach estate planning. As co-founder of Willed, Kaplan has spearheaded the development of a platform that brings will-writing into the digital age, making it accessible to everyday Australians regardless of their financial status.
"Traditional estate planning created barriers that prevented many Australians from protecting their loved ones," Kaplan explains. His assessment captures the fundamental problem that has left millions of Australians without proper estate planning, creating potential hardships for families during already difficult times.
The Genesis of Willed
Kaplan's journey to revolutionising Australia's estate planning sector began with a personal recognition of the significant barriers preventing average Australians from creating proper estate plans.
"We saw a significant gap in the market," Kaplan notes. This understated observation belies the substantial market opportunity he identified, one that traditional legal services had overlooked for decades.
Together with co-founders Aaron Zelman and Tim Glasson, Kaplan launched Willed in Melbourne with a clear vision: democratise estate planning through technology. Their approach has quickly gained traction, with the company recently securing $6 million in funding and winning the Best Newcomer Award at the Victorian Government's Start-Up Awards.
A Technology-First Approach
Under the team’s leadership, Willed has developed a platform that guides users through a straightforward questionnaire covering all essential aspects of estate planning. The process typically takes about 20 minutes, addressing everything from executor appointments and guardian nominations to asset distribution and funeral preferences.
Kaplan states that they've "designed the platform to be intuitive while still covering all the critical elements of a comprehensive will." This balance between simplicity and thoroughness represents the core innovation that has helped thousands of Australians overcome traditional barriers to estate planning.
This approach has resonated strongly with Australians. According to the company's own research, 38% of their users "finally got around to" creating a will specifically because online services made the process more accessible and less daunting.
Preparing for Australia's Great Wealth Transfer
"This unprecedented wealth transfer presents both challenges and opportunities," notes Kaplan when discussing Australia's impending transfer of an estimated $3.5 trillion from Baby Boomers to younger generations. His observation highlights the economic significance of this transition that will reshape financial planning for millions of families over the next two decades.
The stakes are high, with the company's research revealing that 54% of users cite avoiding "unwanted hassles and expense for loved ones" as their primary motivation for creating a will, underscoring the emotional rather than purely financial motivations behind estate planning.
Expanding Beyond Wills
While will creation remains their core service, Kaplan has guided Willed's expansion to offer a comprehensive suite of end-of-life planning solutions, including probate services, letters of administration, and prepaid funeral plans.
"We're building a comprehensive platform for all aspects of end-of-life planning," Kaplan explains. This holistic vision reflects his understanding that estate planning extends far beyond the will document itself.
The Future for Willed
Looking ahead, Kaplan envisions further integration between estate planning and broader financial planning.
"We see a future where estate planning is fully integrated with other aspects of financial planning, from retirement savings to insurance," he says. This integrated philosophy could fundamentally reshape how Australians approach financial wellness, transforming estate planning from an isolated end-of-life consideration into a core component of comprehensive financial strategy.
