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Offer an Online Will Without Breaking The Bank

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Let’s consider two online will platforms. 

Online Will Platforms

  

Feature

LifeLegacy

Platform B

Simple, comprehensive online wills

Attorney vetted

Donor prompted to identify nonprofit as participant

Advance health directive and financial POA included

Comprehensive online reporting of gifts

Marketing support, including content library

Money and time-saving AI-driven content tool available

no

Customized to your organization

sometimes

Custom questions can be added

sometimes

Cost

Reasonable monthly investment

Usually double LifeLegacy’s costs

Why Are There Differences in Subscription Costs?

Online estate planning providers charge an annual or monthly subscription cost to nonprofit organizations and institutional clients (life insurers, banks, brokerage firms, credit unions, employer groups). Some of the best known platforms charge at least twice the cost of LifeLegacy. So why is there such a difference in subscription costs? There are a few possible reasons:

  • LifeLegacy has fewer employees and, therefore, lower expenses
  • The higher cost alternatives usually have multiple investors that have stipulated growth projections and revenue targets they’d like the company to hit
  • The higher cost alternative may be deploying regional and national advertising campaigns that can add significant cost that are passed along to nonprofits in the form of  higher subscription costs

What Do Most Donors Need?

The reality is, for most under-willed Americans, a basic last will & testament will meet their needs by including essential provisions such as:

  1. Appointment of an executor: The will designates a trusted individual to handle the administration of the estate.
  2. Distribution of assets: It outlines how the individual’s assets, including property and personal belongings, should be distributed among beneficiaries.
  3. Specific bequests: The will may include specific gifts or bequests to individuals or organizations, such as charitable donations or sentimental items.

For individuals with relatively uncomplicated estates and straightforward wishes, a basic will can serve as a valid and legally binding document to ensure their assets are distributed according to their intentions after their death.

The Bottom Line is…. The Bottom Line!

For nonprofits

Because most organizations operate with limited fundraising and marketing budgets, cost considerations are important. Lower-cost digital wills platform alternatives like LifeLegacy can enable the organization to allocate its resources more effectively, yet receive the same benefits in the form of pledged gifts. It is crucial to evaluate the specific features and benefits of the higher and lower-cost options to ensure they meet your organization’s needs.

For financial firms

Financial firms looking to add value to customer relationships and enhance the financial fitness of their mass market clients can utilize a digital estate planning package to deliver on this promise. But the costs of hosting a third party estate planning platform can be steep, often soaring above $100,000/year. LifeLegacy’s trusted product offers these tools and many other value-added services for significantly less cost!

To evaluate your needs and add an online will platform without breaking the bank, contact Jordan Cassidy at LifeLegacy at jordan@lifelegacy.io 

Picture of Author: Craig Simms

Author: Craig Simms

Head of Partnerships
Craig@lifelegacy.io

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