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Heritage Startup

Goals

To identify companies/startups that offer heritage or asset splitting services. Speficialcally startups that employ the use of advanced technologies, such as artificial intelligence technology, in the decision-making process of splitting a deceased's assets in the absence of a will.

Early Findings

  • Our preliminary findings indicate that there are currently no startups that employ the use of advanced technologies in the decision-making process of splitting a deceased's assets in the absence of a will. Also, we were not able to identify any startup that offers heritage/inheritance division services in the US.
  • In cases where a person dies without a will or an executor in the US, the probate court is tasked with appointing an administrator who will administer the estate of the deceased person. According to state laws, if a person dies without leaving a will, all assets are automatically transferred to the surviving spouse or kids of the deceased.
  • Due to the above reasons, it is not legally possible for a third party to be named administrator without the knowledge of the court nor partake in the decision-making process of splitting the deceased's assets. All decision-making processes are at the prerogative of the court and administrator.
  • In the US, about half (45%) of those aged 55 years and above do not currently have a will, and most notable startups in the heritage space are focused on helping people create one easily.
  • Several startups have sprung up in the heritage space in recent times. Examples include Tomorrow, Pass On, and heir, which makes use of blockchain, artificial intelligence, and deep learning technologies to ease the process of will creation and assets transfer from one generation to another.

Summation Of The Availability Of Information Relevant To The Goals

  • In our initial hour of research, we were able to provide insights into the decision-making process for administering inheritance in the US as well as three examples of companies that help ease the process of will creation and assets transfer from one generation to another.

Proposed next steps:

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