Estateably is an estate settlement platform that allows financial professionals to dramatically expedite the estate settlement process through the digitization of paper-based processes while maintaining regulatory compliance.
Across Canada, the process of settling an estate (from death to the distribution of assets) takes on average four years. Many factors contribute to this inefficient process that has remained largely unchanged in over 20 years. A lack of digitization and software tools are available to trust companies, who are hired on behalf of a family to execute the will and estate.
According to corporate executors, the largest inefficiencies stem from a lack of communication regarding the status of the estate, onboarding new agents, and delays with government agencies, among others.
This is compounded by creating a complex business network of banks, executors, lawyers, accountants, governments, and beneficiaries coming together to settle an estate. Furthermore, there is an inherent lack of trust among each party as they can be individually held legally liable for any error committed throughout the process.
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