Farewill: a great business idea!

I recently came across this amazing idea for a business: Farewill.

What is Farewill?

Farewill is an online service that helps you to make a last will and testament for £50.

Farewill claims that the wills are legally binding, takes 15 minutes, and will be reviewed by experts. For an additional £10 a year, you can also get coverage for updates to the law and unlimited revisions.

This is a really important idea as dying without a will (“intestate”) can cause major problems for your family and can cause major confusion over who inherits your estate. I know this from first-hand experience, as my father passed away suddenly without a will when I was 16.

Why write a will?

Leaving your loved ones with the burden of complicated legal procedures at a time when they are least able to carry them out causes a lot of anguish. Anything that gets more people to write a will gets my approval.

Providing this service makes fantastic business sense for Farewill, as around 60% of British adults do not have a will written up. That is an extremely attractive market size.

WillAid – cheap wills from a solicitor

Previously I had referred people to WillAid, a partnership between the legal profession and 9 UK charities. The participating solicitors draft your will for free in exchange for a donation to the targetted charities. £95 is the suggested donation but it is voluntary. It’s a great way to get a will at a cheaper rate than normal from a solicitor (usually around £200) and it runs every November.

However, this Farewill service has got my attention.

It’s one of those rare occasions where I see a new business and I am genuinely annoyed I didn’t think of it!