Farewill: Fix your will with lovely notes & Spotify songs
I’m sorry, it’s not good news.
Someone you love is going to die.
And when they do, according to Dan Garrett, things can get really expensive, really fast.
“Private equity firms are buying up funeral directors and local solicitors, the price of a funeral is skyrocketing and 100,000 people go into debt every year to pay for a funeral that’s more expensive than it needs to be,” the CEO of Farewill tells me breathlessly.
“97% of people don’t have an up-to-date will and the cost of dying without one is an average of nearly £10,000.”
27-year-old Garrett believes he can fix all these pains, just by sorting out your will.
The problem with dying
Now you might think, a will? What’s the point in a will, I’m not exactly a millionaire!
But actually, Garrett explains, everyone should have a will.
The average cost of dying without a will is a whopping £9,700. That’s because of so-called “lost assets” — when your family members can’t track down a rogue bank account or investment you never told them about.
Families are also being forced into “death poverty” as they splash out an average of £5,500 on extravagant burials.
Without a will they’ll never know you would be totally fine with a far cheaper cremation.
That’s why Garrett’s company Farewill is determined to make making a will cheap, quick and easy.
Wills for everyone
Here’s how wills work today.
You visit a solicitor, they’ll interview you, and between four and eight weeks later after a few amendments you’ll get a will and a bill of anywhere between £150 and £1,500 for the most complicated wills.
And if you ever want to change your will, you’ve got to go through the whole process again.
Basically, in the words of Garrett, “a ton of money, and a ton of time”.
Message in a bottle
Farewill on the other hand is £50, takes an average of 12 minutes to do online, and costs £5/year to make an unlimited number of amendments (crucial so people can keep their wills up to date without paying an arm and a leg).
And your will, Garrett believes, can become much more than just a boring legal document.
Farewill lets you to leave messages for your loved ones, appoint guardians for your pets, donate to charities — and even create a Spotify playlist for your funeral.
It’s not just individuals who have been jumping at the opportunity, businesses from Goldman Sachs to Deliveroo have been signing up to offer Farewill as a perk for their staff.
“It’s all about helping people to think and talk about [death] more, to overcome this inertia and apprehension around engaging with death,” says Garrett.
“We don’t want to prescribe the emotional reaction, we’re not labouring the point, but we do want people to feel.”
Already 80% of Farewill’s users are writing heartfelt messages to their loved ones, and Garrett hopes this will only grow.
“Although we’re building a business with death at its core, it’s really about life and what’s important to you. If we can get people to think like that, then I think we really win.”
Get £15 off Farewill with The Memo’s code: fw-share-562040.
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