Estate planning
Representative image Freepik

In the legal sphere, there is an image that the practice of estate planning is one that is mundane and slow-moving, and that it hasn't changed in a hundred years. This is despite the huge social and economic developments over the past few decades that necessitate the evolution of estate planning to meet the ever-changing needs of clients.

Inter Vivos, PLLC, a Utah-headquartered national law firm specializing in estate planning, is taking action to bring estate planning into the 21st Century, harnessing technology to disrupt the industry, make it more efficient, as well as inform both the public and estate planning professionals about developments in the space.

Established in 2014 by managing partner Glen Wagstaff, Inter Vivos is the largest estate planning firm in the country, with attorneys licensed to practice in all 50 states and in 12 countries. As the management firm for LSPN professional network they work with almost 70,000 financial professionals in the US, as well as a network of overseas practitioners, providing unparalleled reach and diverse expertise. It has identified 32 areas of estate planning, and it is building out specialist teams to ensure that all of these areas are addressed.

According to Wagstaff, he founded Inter Vivos not only to be the largest firm of its kind in the US, but also to be on the cutting edge of innovation by working to create solutions involving artificial intelligence and blockchain technologies. It is also creating the most complex estate plan on the market with far-reaching, multi-generational capabilities.

This plan, which is in the late stages of development and testing, is a digital dynasty trust plan, where Inter Vivos can pre-program a client's estate for the next 1,000 years on the blockchain, including automated distribution and verification of identity. Everything that needs to be done on the part of the trustees can be found on the blockchain. Combining smart contracts and actual contracts results in something that is enforceable over multiple generations. There are also built-in safety features that prevent heirs from losing access to the trust plan, as well as prevent unauthorized entities from accessing it.

Inter Vivos' focus on technology allows it to create affordable estate planning options, such as a simple trust plan, which begins at $50 per month. This plan includes trusts, wills, powers of attorney, healthcare directives, notary costs, as well as the preparation of the deed for the client's personal residence.

Almost all of Inter Vivos' operations are remote, which Wagstaff says allows for smoother operations. Prior to the pandemic, the firm had more than 36 locations, but it decided to shut these down to go 100% virtual. He says that this is a more consistent and attentive model, as the firm's attorneys can meet clients on-demand, eliminating the usual three-month waiting time for clients before they can get to see an estate planning attorney.

Earlier this month, Inter Vivos launched an online TV channel that highlights the estate planning industry, providing resources for professionals that work with the public to understand advanced planning needs. While primarily targeted at professionals, it is for public consumption and laypeople can learn a great deal about how it applies to their lives.

The channel contains a variety of programs, including one that discusses vital concepts and the importance of proper planning, as well as appreciating life and the legacy that people leave behind. Other programs look at famous historical figures and how they planned their estates and legacies, as well as man-on-the-street interviews to gather people's opinions about estate planning.

Despite this focus on technology, Wagstaff says that people remain at the center of Inter Vivos' business, and that there is definitely a space for human expertise in an increasingly AI-dominated world.

"There are fears in the industry right now that legal professionals will be replaced by AI and non-lawyers will be the main drivers. Our intention is to carve out a role for professionals that cannot be replaced. We want to provide an experience for our clients that give them what they want and what they need. This includes working with a professional and guiding clients through a process that's not just filling in the blanks, but also actually addressing their core values and reflecting that in their planning. We believe that AI, Blockchain, and all other technologies are just tools to accomplish our mission," Wagstaff says.