Estateably: Revolutionizing Estate Planning with Cutting-Edge Technology
Estate Planning Software
For decades, the estate planning process has been mired in outdated practices, complicated legalese, and inefficient procedures. Ari Brojde, co-founder of Estateably, recognized these challenges firsthand when he experienced the complexities of intergenerational wealth transfer after the passing of a family member. Despite having a well-planned estate, the administration process took an excruciatingly long two years, highlighting the need for a more streamlined and efficient solution.
“Today, we're looking at more like a hundred trillion that is going to pass from one generation to the next in North America. And unfortunately, in 2015, I got to experience this intergenerational wealth transfer firsthand,” Brojde shared. “It was really strange – grandmother left a very simple estate. She had a will, which obviously speeds things up, and yet it's been two years, and we still haven't received our inheritance.”
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Estateably is a pioneering B2B platform that offers innovative solutions for estate planning professionals. Co-founded by Ari Brojde and Alex Wulkan, Estateably leverages cutting-edge technologies like AI and natural language processing to streamline the estate administration process, automate document generation, and enhance collaboration among stakeholders.
Leveraging Technology to Simplify Estate Administration
Driven by a desire to disrupt the industry, Ari Brojde and his cousin, Alex Wulkan, founded Estateably in 2018. Their mission was to harness the power of technology to simplify the estate administration process and enhance collaboration among stakeholders. Estateably's cutting-edge platform combines document automation, fiduciary accounting, and robust collaboration tools, offering a comprehensive solution for professionals and families alike.
“We felt there was a real opportunity to come in and disrupt this industry that hadn't seen anything in the form of innovation for 20 or 30 years,” Brojde explained. “Fast forward to today, we're happy to say that we've helped over 17,000 families or their attorneys and professionals help them get through the probate process. We've tracked over 10 billion dollars of assets like rental property, homes, and more that had been on its way to transfer to the next generation.”
Streamlining Processes with Innovative Features
One of Estateably's standout features is its ability to automate the generation of court forms and fiduciary accounting reports. By leveraging artificial intelligence and natural language processing, the platform can extract financial transactions from bank and brokerage statements, saving professionals countless hours of manual data entry.
“What Estateably has done is it's using AI and natural language processing technology to extract those financial transactions,” Brojde explained. “We allow individuals, our customers, to simply upload PDF statements of banks and brokerage statements into our platform. We're going to use that emerging technology to read and interpret those transactions. We're going to extract that information, and we're going to place those into an accounting table for easy manipulation.”
Additionally, Estateably's task management capabilities allow professionals to create personalized task lists tailored to the unique circumstances of each estate, ensuring that no stone is left unturned and minimizing the risk of oversights or delays.
Enhancing Collaboration and Transparency
Recognizing the importance of collaboration in estate administration, Estateably has implemented robust sharing functionality. This feature enables professionals to provide beneficiaries with real-time updates and insights into the progress of the estate, fostering transparency and reducing the administrative burden on all parties involved.
“We do have some very robust sharing functionality that we've built into the platform, which will allow those professionals to give glimpses of the platform into users' hands so they can track the progress of an estate,” Brojde stated. “They can collaborate on the different tasks. It's not always the case that professionals will take on all the tasks with regards to the administration of an estate.”
Embracing the Future of Estate Planning
As the world becomes increasingly digitized, Estateably is at the forefront of revolutionizing the estate planning industry. Ari Brojde envisions a future where technology will democratize estate planning services, making them more accessible and affordable for a broader range of clients.
“I think that you know, with tools like AI, natural language processing, even blockchain perhaps, you're going to see the democratization of estate planning and estate administration services,” Brojde predicted. “It's going to help with the speed at which assets can get transferred to beneficiaries that we're going to ultimately benefit from all the technology gains that we're going to see in the space over the next decade or so.”
FAQ
What is Estateably?
Estateably is a B2B platform that provides innovative solutions for estate planning professionals, including document automation, fiduciary accounting, and robust collaboration tools. It leverages cutting-edge technologies like AI and natural language processing to streamline the estate administration process.
Who are Estateably's customers?
Estateably's customers are typically professionals from three sectors: financial institutions with trust company arms, law firms, and CPA firms. The platform is designed to help these professionals efficiently manage the estate administration process.
How does Estateably's document automation feature work?
Estateably's document automation feature uses AI and natural language processing to extract financial transactions from bank and brokerage statements. This information is then used to automatically generate court forms and fiduciary accounting reports, saving professionals countless hours of manual data entry.
What is Estateably's sharing functionality?
Estateably's sharing functionality allows professionals to provide beneficiaries with real-time updates and insights into the progress of the estate. This fosters transparency and reduces the administrative burden on all parties involved.
How does Estateably ensure data security and compliance?
Estateably takes data security and compliance very seriously. The platform uses military-grade encryption, has achieved SOC 2 Type 2 compliance, and undergoes regular penetration testing. It also allows for the obfuscation of sensitive information like social security numbers and dates of birth.
