Introducing our partners at Arken Legal who are specialists in estate planning. They believe that estate planning is more than just a will or EPA. Lincoln Watson, CEO of Arken Legal discusses the importance of estate planning…
59% of New Zealand adults have a will today.
Estate practices within law firms have not always been a focus of growth or investment in their own right. The estate planning industry as a whole has not changed significantly in a long time – a scenario usually meaning it is ripe for change. Population increases driven by natural growth, immigration and aging demographics mean the number of people in New Zealand over the age of 75 will double in the next 20 years and will increase the need for:
- Estate planning – wills, EPA’s and trusts;
- Power of attorney services;
- Estate administration.
The importance of estate planning for all ages is increasing. Rather than clients preparing a will then leaving it untouched for 25 years, it is more important than ever that they can easily access cost effective services every few years to ensure their plan is up to date. A well thought out, regularly updated estate plan is necessary to deal with individuals increasingly complex personal circumstances along with the size and complexity of their wealth and business ownership.
Research suggests only 59% of adults in New Zealand have a will and that people update their wills even less. Services that can be delivered conveniently at a reasonable cost will allow more people to be assisted and law firms to grow their estate practice. A focus on growth in estate planning could mean a solid and predictable growth leading to better future revenues and long-term value for the firm.
What will drive this improvement in performance and what are the risks in delivering the result? This is the topic of a future article. Across every industry, technology is improving the accessibility to and the profitability of service delivery. There seems to be little reason why estates teams can’t also benefit from this.
Lincoln is always willing to discuss IT strategy and operations if you would like to get in touch. Lincoln is CEO of Arken Legalwhich provides advanced automation to the estate planning industry. Lincoln is also a founding member of LegalTechNZ, has owned successful software development and consulting businesses as well as owning IT strategy and operations at Goldman Sachs JBWere, Craigs Investment Partners, Perpetual Guardian and The Trust Company.