In a recent episode of the Expert Insight Interview, John Golden sat down with Zach Tsakiris, a leading figure in estate planning and the founder and CEO of Fast Will. Broadcasting from San Diego, John connected with Zach in Manhattan, New York, to discuss the critical topic of estate planning and how technology is transforming the process, making it more accessible and affordable for everyday Americans.
Introduction to Zach Tsakiris
Zach Tsakiris is a financial professional recognized as Forbes’ number one estate planning innovator. His extensive experience as a financial advisor in Manhattan exposed him to the challenges families face when they lack proper estate planning. This inspired him to create Fast Will, a platform designed to help individuals create legally binding estate plans quickly and affordably.
The Need for Estate Planning
One of the alarming statistics discussed in the episode is that around 60% of Americans do not have a will. Zach explains that many people procrastinate on estate planning due to misconceptions about its complexity and cost. He emphasizes that failing to create a will means the government will impose one, known as dying intestate, which may not reflect an individual’s wishes.
Key Takeaways:
- Procrastination and Misconceptions: Many people delay estate planning because they believe it is complicated and expensive.
- Government Intervention: Without a will, the government decides how your assets are distributed, which may not align with your wishes.
Misconceptions About Legal Services
Zach highlights a common misconception that estate planning requires extensive legal knowledge and high fees. Many people believe they need to meet with a high-level attorney, which can cost thousands of dollars. However, Zach clarifies that most attorneys already use software to streamline their processes, and basic estate planning can be done efficiently without incurring high costs.
Key Takeaways:
- Cost and Complexity: Estate planning does not have to be expensive or complicated.
- Software Utilization: Attorneys use software to streamline estate planning, which can be accessible to individuals as well.
Fast Will’s Technological Solution
Fast Will offers a user-friendly platform where individuals can create a will or trust in about 15 to 20 minutes. Users can work at their own pace, and the platform includes features for attorney support, document signing, and notarization—all from the comfort of their homes. This approach aims to eliminate the intimidation often associated with traditional legal processes.
Key Features:
- Ease of Use: Create a will or trust in 15-20 minutes.
- Comprehensive Support: Includes attorney support, document signing, and notarization.
- Convenience: Complete the process from home.
The Role of Technology in Legal Services
John and Zach discuss how technology has been underutilized in the legal industry, primarily benefiting attorneys rather than clients. Zach believes that as technology evolves, more people will opt for online estate planning solutions rather than in-person consultations.
Key Takeaways:
- Underutilization: Technology has not been fully leveraged in the legal industry.
- Client Benefits: Online solutions can make estate planning more accessible and less intimidating.
Understanding the Probate Process
Zach explains the probate process and its potential complications, which often arise when individuals die without a will. He stresses the importance of having a will or trust to avoid the lengthy and stressful probate court process, which can create additional burdens for grieving families.
Key Takeaways:
- Probate Complications: Dying without a will can lead to a lengthy and stressful probate process.
- Avoiding Burdens: A will or trust can help prevent these complications and ease the burden on loved ones.
The Importance of Trusts
A significant misconception is that trusts are only for the wealthy. Zach clarifies that anyone with assets, such as a home or retirement savings, can benefit from a trust. Trusts help bypass the probate process, making it easier for loved ones to inherit assets without unnecessary delays.
Key Takeaways:
- Not Just for the Wealthy: Trusts are beneficial for anyone with assets.
- Probate Bypass: Trusts can help avoid the probate process and ensure a smoother transfer of assets.
AI’s Impact on the Legal Industry
The conversation shifts to the role of artificial intelligence in legal services. Zach discusses how Fast Will integrates AI into its platform to enhance user experience. However, he cautions against relying solely on AI for drafting legal documents, as accuracy is crucial in estate planning. The company prioritizes using attorney-created documents to ensure compliance with varying state laws.
Key Takeaways:
- AI Integration: AI can enhance user experience but should not replace human oversight.
- Accuracy and Compliance: Attorney-created documents ensure legal accuracy and compliance with state laws.
Future Plans for Fast Will
Looking ahead, Zach shares Fast Will’s plans for growth, including partnerships with major players in the financial services sector. The company aims to expand its reach and continue improving its technology to better serve clients. Additionally, they plan to introduce new features, such as deed transfer and probate court assistance.
Key Takeaways:
- Growth and Partnerships: Fast Will plans to expand through strategic partnerships.
- New Features: Upcoming features include deed transfer and probate court assistance.
Encouragement to Take Action
Zach encourages listeners to take the initiative to create their estate plans, emphasizing that it can be done quickly and easily. He reassures them that the mental burden of procrastination far outweighs the effort required to complete the process.
Key Takeaways:
- Take Initiative: Start your estate planning today to avoid future complications.
- Ease of Process: The process is quick and straightforward, alleviating the mental burden of procrastination.
Conclusion
In this insightful episode, John Golden and Zach Tsakiris discuss the importance of estate planning and how technology is revolutionizing the way individuals can protect their families and assets. By demystifying the process and making it more accessible, Fast Will empowers everyday Americans to take control of their estate planning needs. The conversation serves as a reminder that taking action today can prevent future complications and stress for loved ones.
Our Host
John is the Amazon bestselling author of Winning the Battle for Sales: Lessons on Closing Every Deal from the World’s Greatest Military Victories and Social Upheaval: How to Win at Social Selling. A globally acknowledged Sales & Marketing thought leader, speaker, and strategist, he has conducted over 1500 video interviews of thought leaders for Sales POP! online sales magazine & YouTube Channel and for audio podcast channels where Sales POP! is rated in the top 2% of most popular shows out of 3,320,580 podcasts globally, ranked by Listen Score. He is CSMO at Pipeliner CRM. In his spare time, John is an avid Martial Artist.
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