Who are NowInfinity & View Legal?
NowInfinity is a leading financial technology company providing a raft of solutions for accountants, bookkeepers, financial planners, and lawyers. In collaboration with View Legal, NowInfinity can cover the myriad legal solutions required across all aspects of financial advice, compliance and structuring. The outcome of this relationship is a cost-effective proposition that empowers accountants, financial advisers and other advice practitioners to transform their client relationships, deliver better service, client centric outcomes – all the while saving time and money.
For more information about NowInfinity, visit www.nowinfinity.com.au.
View Legal is built around the disruptive mantra of being a law firm that friends would choose. To achieve this vision, View Legal has fundamentally and radically revolutionised access to quality legal advice, in the highly specialised areas of structuring, tax, trusts, asset protection, business sales, estate and succession planning. Using technology as an enabler, View Legal has taken each of the tenets of the traditional delivery model – and turned them on their heads.
For more information about View Legal, visit https://viewlegal.com.au.
What’s in the generated will?
The generated will is a standard will template provided by our legal partner, View Legal, which is then populated with the information entered by the client through the Will Wizard. There are actually 24 iterations of this template; the client’s answers through the wizard are used to select the most appropriate one.
Is the generated will legally binding?
Once signed, the will is legally binding. As with all wills however, should a client get a new will – either by generating a new one through the platform or reaching out to a lawyer – that new will will supersede anything stated in previous iterations.
What factors determine whether the wizard will generate a will?
You must select the View Legal / NowInfinity option.
What scenarios does the generated will support?
The will provided through the Will Wizard is based on a standard will template and won’t be suitable for all clients.
For this reason, the Wizard includes a series of yes or no questions which it uses to determine whether a client needs more tailored succession planning.
In instances where a client, among other things:
- Names beneficiaries other than their children or spouse, or
- Has beneficiaries or executors who live overseas, or
- Is a principal, appointor, or trustee of an existing trust, or
- Is a director of a company or a partner in a partnership, or
- Is a member of an SMSF, or
- Wants asset protection,
the standard template won’t be sufficient to accommodate their estate planning needs.
The wizard will still generate a will, but it’ll notify the client that the will is unlikely to cover everything they need and that they should seek further assistance.
What happens if my client goes through the wizard and is told the generated will isn’t sufficient to meet their estate planning needs?
As the adviser, you’ll receive an email from the wealth portal notifying you of the situation, and View Legal will be in touch to discuss alternative estate planning options for that client.
You can choose to work with View Legal or another law firm. Any dealings beyond this point will take place outside of the myprosperity platform and are therefore between you, your clients, and whichever legal service provider you want to promote.
Expert tip: As a number of your clients will have personal situations that require more complex estate planning needs, you’ll want to have a basic process in place before enabling the feature for your clients. At the very least, you’ll want to have a partner law firm in mind and a contact you can introduce your clients to.
What if my client is unhappy with the will? Will I be held responsible?
No. All clients entering the Will Wizard must accept Terms & Conditions which very clearly state that neither you, as the facilitator, or us, as the technology platform, can be held legally responsible for issues that arise from a will generated through myprosperity’s estate planning feature.
The Wizard collects information and uses it to either populate a will template provided by View Legal, or trigger a lead to a nominated law firm. In both cases, legal responsibility for the will lies with the law firms providing the service (i.e. the will), meaning either View Legal or the law firm you’ve nominated as your legal partner.