Estate settlement can be a complex and time-consuming process, with various professionals involved and multiple steps to complete before assets can be distributed to beneficiaries. However, Estateably is a Montreal-based startup that is revolutionizing the estate settlement process by digitizing it, providing a workflow tool that automates time-consuming tasks, and leveraging distributed ledger technology to create a bridge between financial institutions and appropriate government agencies.
Clearing the Inefficiencies of the Estate Settlement Process
The traditional process of settling an estate involves a lot of paperwork and manual work, leading to a significant delay in the distribution of assets. Estateably aims to solve the inefficiencies of the estate settlement process by providing a platform that digitizes the process while maintaining regulatory compliance. According to corporate executors, the largest inefficiencies stem from a lack of communication regarding the status of the estate, onboarding new agents, and delays with government agencies, among others. Estateably’s platform addresses these issues by providing a workflow tool that enables efficient communication and automates the onboarding process.
Automating Time-consuming Tasks with Digitization
Estateably’s platform automates the time-consuming tasks of the estate settlement process, enabling financial professionals to dramatically expedite the settlement process while ensuring compliance. The platform enables the digitization of paper-based processes, creating an easily accessible and secure database of all the relevant documents related to the estate. This eliminates the need for professionals to physically handle documents and reduces the time required for document verification.
Creating a Trustworthy Business Network
The estate settlement process involves a complex network of banks, executors, lawyers, accountants, governments, and beneficiaries coming together to settle an estate. Each party can be held individually liable for any error committed throughout the process, leading to a lack of trust among them. Estateably’s platform aims to create a trustworthy business network by providing a secure, immutable database of all the relevant information related to the estate. This ensures that all parties have access to the same information and reduces the risk of errors.
Preparing for the Largest Transfer of Wealth in History
Estateably is well-positioned to capture a significant market share as North America prepares for the largest transfer of wealth in history. In Canada alone, $750 billion dollars will be inherited over the next decade, a majority of which will demand the services of corporate agents. Estateably’s platform enables trust companies to keep up with internal demand for settlement services and market their services to a large growing market.
Conclusion
Estateably’s platform is a game-changer in the estate settlement industry, offering a solution to the inefficiencies that have plagued the process for years. With the largest transfer of wealth in history on the horizon, Estateably is well-positioned to capture a significant market share and provide an essential service to financial professionals and beneficiaries alike.
Website: https://www.estateably.com
Twitter: https://twitter.com/estateably
LinkedIn: https://www.linkedin.com/company/estateably/
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