A will is a legal document that ensures distribution of your assets after your death are done as per your wishes. This also can help reduce a lot of disputes related to inheritance of assets among family members. Making a will, however, has now become much easier in the modern digital age, courtesy a number of online will-making services.
Over the years, platforms like WillJini, ezeewill, Vakil Search, and many more have emerged. A new platform that is also trying to take on the conventional will-making format leveraging technology is Quikdox.
Founded in 2021 by Shiv Kumar Goyal, DPIIT-recognized Quikdox aims to make the will-making process simpler and online, and bring down the costs involved.
“As a banker”, Goyal told Entrackr, “thousands of crores of rupees of deposits are lying unclaimed in the banks as the legal heir is not known.” The Covid-19 pandemic too added to the inclination towards keeping a will.
“Experience in process and document automation helped identify that this process which appears to be cumbersome and time taking can be automated and access can be made available to all,” he added.
Goyal further said that the platform comes with a few built-in security features as well. While the server is locally hosted, it also has a code lock to prevent malware attacks. The data is encrypted both at transit and in rest.
He disclosed that the company acquired 250 customers in two months of its inception. The SBM Bank India, a subsidiary of the State Bank of Mauritius, recently partnered with QuikDox to launch a ‘QuickWill’ service for Indian users, who can create instant will online.
Following its first institutional partnership, QuikDox launched a few more premium services, and now plans to launch some for married couples. There is also a plan to launch a storage service, and one catering to non-residents Indians.
While the company is at a pre-revenue stage at the moment, its business model consists of revenue from making wills and recurring revenue from subscriptions plans, which include changes in will, storage, and others.
The market for digital wills in India has the potential to be significant due to the increasing adoption of digital technologies and the convenience of creating a will online. However, it is important to note that creating a will is a complex process and all legal and financial aspects should be carefully considered before making any decisions. It is always recommended to consult with a qualified legal professional before choosing the will-making process.