Erin Bury is the CEO of Willful, a digital estate planning platform for Canadians. She sat down with The Peak to talk about everything related to wills.
Is there a misconception about your industry that you’d be eager to correct?
The biggest misconception I constantly hear is "I don't need a will because I'm not old/rich." Ideally, a will is something you get in place well before you need it, and even if you don't have a lot of wealth to pass on yet, don't you want the assets you do have to go to the people you choose? Also, a will isn't just about passing on assets — it's about appointing someone to wrap up your estate, and appointing guardians for minor children/pets.
We are in the midst of a massive wealth transfer between Baby Boomers and their children. Do we have the necessary paperwork ready?
We sure don't! 57% of Canadian adults don't have a will, and that number is 90% of people under 35. Of those who do have a will, one in 10 say the document is out of date because they've gone through a life change like the birth of a child, getting married or divorced, or moving to a different province.
What are the challenges of trying to digitize an antiquated system?
Lawyers are very reticent to change or embrace technology. They see any tech advancements as a threat to their business. In every province except B.C., wills still have to be signed on paper. You can buy a house online, yet you have to store a paper copy of your will. Legislators need to recognize that technology is going to change the way people create and share end-of-life documents, so it's in their best interest to be proactive.
Death is going digital in other ways, too. What are some of the most inventive solutions you’ve seen?
I love Better Place Forests, which allows you to be buried under a redwood tree in California (okay fine, that's not a tech solution but it's still cool).
Wills can be an awkward subject. What’s the best way to bring them up?
People think if they bring up wills with their family, they'll think they're just after an inheritance. But we have such a vested interest in knowing our loved ones' wishes so we can honour their legacy, and asking about the will is really asking "Do you know what you would want, and have you documented your wishes?" So my tip is to start broad with, "What do you want your legacy to be?"
Is there a book you’ve read recently (or podcast) that you would recommend?
I recently read In Memoriam for our Willful book club. It's a beautiful novel about two gay soldiers in World War I. It's a stunning and visceral portrayal of the war, and also a beautiful love story about these two vulnerable young men. I haven't stopped thinking about it since I read it.