Footprint Online Wills Review
Our review looks at what Footprint provides, the costs, pros and cons and alternatives of this online will subscription service.
Updated 24 October 2023
Background: Footprint is an online will service and offers will packages by way of a one-off or annual fee. Footprint is a sister company of professional trustee and estate administration company Perpetual Guardian.
Important: If you prefer a one-off single will, Footprint offers a all-inclusive Single Will package alongside subscription options. Unique in New Zealand, single will customers can take advantage of Footprint's service support via phone, Skype and email.
Our view:
To help explain Footprint and its costs and benefits, our guide covers:
Know this first: Footprint isn't complicated, but to understand the nuances of Wills, estate administration and the benefits and costs of the subscription will service, we've included detailed sections to help you make sense of this innovative offering.
The fee benefit will cover all duties of an executor including arranging a grant of administration and all other essential activities:
Important: If you prefer a one-off single will, Footprint offers a all-inclusive Single Will package alongside subscription options. Unique in New Zealand, single will customers can take advantage of Footprint's service support via phone, Skype and email.
Our view:
- In preparing this review, we talked extensively with Angela Vale, Footprint's CEO, as the nuances of wills and estate administration need to be discussed in detail. We publish this guide in good faith.
- Footprint, at its heart, is designed to make sure your estate is distributed to your beneficiaries hassle-free while minimising the costs of doing so.
- Our view is that Footprint has many benefits even if paying an annual fee for a will service is unfamiliar in New Zealand. Despite this, we believe that Footprint has a genuine focus and commitment to educating and empowering everyday New Zealanders regarding wills and minimising the associated responsibilities and costs of their administration.
- There's a lot to unpack - the lack of education around Wills makes the actual benefits of Footprint less obvious. However, we've put this review together to help explain everything you need to know about Footprint as you evaluate what's right for you and your family.
To help explain Footprint and its costs and benefits, our guide covers:
- What is Footprint, and how does it differ from online or lawyer-prepared wills?
- Other Footprint Packages and Fees
- Pros and Cons
- Alternatives
- Our Conclusion
Know this first: Footprint isn't complicated, but to understand the nuances of Wills, estate administration and the benefits and costs of the subscription will service, we've included detailed sections to help you make sense of this innovative offering.
- Footprint's "Will Package", charged at $120/year, offers free annual updates. Footprint estimates that the average estate administration cost is $10,000; this means that Perpetual Guardian is not charging any fees, unless your estate falls into the ‘very complex’ category (for example if there are assets overseas). The tasks covered by the estate administration are all normal and necessary tasks.
- For the "Will Package", only disbursements and third-party costs (costs that anyone would have to pay family member or professional) are additional. The fees will cover arranging a grant of administration or probate from the High Court, legal checks to ensure your Will reflects your final wishes and the distribution of the estate to your beneficiaries.
- Our guide to wills outlines what executors do and what responsibilities they have (for example, closing bank accounts, redeeming investments, transferring or selling shares and dozens of other checks and enquiries etc.).
- Every Will requires estate administration; while Footprint recommends Perpetual Guardian as executor for their Will Package, if you decide not to select them, they will help your appointed executor (to the point legally allowed). However, we believe a Footprint Will Package is going to be most cost-effective if you appoint Perpetual Guardian given it covers the costs of standard estate administration.
- Only writing a new Will and appointing a new executor of your choice will renounce that, and you won’t be compensated for the annual fees. However, with the Will Package you can update your Will annually at no extra cost – and your executor of choice would also still be supported by Perpetual Guardian.
- In conversion with Footprint, their research suggested that 95% of appointed executors pay for additional support. This means it's rare for a non-professional to successfully distribute a will without professional assistance.
The fee benefit will cover all duties of an executor including arranging a grant of administration and all other essential activities:
- Locating and liaising with your family or next of kin following notification to the Referral Provider of your death;
- Providing your beneficiaries with an estate management plan and regular progress and other updates regarding administration of your estate;
- Compiling a list of assets and liabilities of the estate;
- Dealing with the assets of your estate once a grant of administration or probate has been obtained (for example, closing bank accounts, redeeming investments, co-ordinating the sale of property and collecting proceeds of insurance policies);
- Paying debts out of your estate’s assets (for example, funeral costs and credit card balances);
- Recording any transmission of property by survivorship relating to any jointly owned New Zealand assets;
- Finalising your taxation matters, including filing personal tax returns to the date of your death and dealing with any required estate tax returns from the date of your death and final distribution; and
- Preparing financial statements for your estate and providing copies to the beneficiaries of the estate etc.
Bonus Deals from Footprint, a trusted partner of MoneyHub:
- Until 31 January 2024, Footprint is offering buy-one-get-one-half-price on their Single Will package. Best of all, customers can take advantage of their service support via phone, Skype and email.
- Footprint offers a rewards program with its Will It package. New customers will receive $200 of rewards immediately, and then $100 for each year of loyalty as time goes on. You can read our review of Footprint here.
What is Footprint, and how does it differ from an online or lawyer-prepared Will?
Footprint is a company owned by Arken Holdings Limited who specialise in Will writing technology and a related business to the owners of Perpetual Guardian.
Footprint is a new brand. In a nutshell, and as reported by the NBR in mid-2020 when the service launched, per this paywalled NBR article. "Footprint Wills are completed by users populating a template and then checked by Footprint's team". Footprint initially launched with a single service, the subscription-based "Will Package Service", which costs $120/year per Will. It works without too much complication – you go online, complete some questions, and once you've printed out and signed the Will created using the Footprint tool, your Will becomes valid. In addition, the subscription fee gives customers access to a digital vault (to store essential documents). Finally, it covers the cost of estate administration services if Perpetual Guardian is appointed executor, valued at $10,000. If your estate administration costs more, no additional fees are charged - we explore this in detail below.
Beyond the subscription Will service, Footprint also offers an $85/year "Will It Package" (similar to the flagship Will Package but excluding the $10,000 estate administration) and a one-off $100 Single Will service, which we outline in more detail below.
Footprint is a new brand. In a nutshell, and as reported by the NBR in mid-2020 when the service launched, per this paywalled NBR article. "Footprint Wills are completed by users populating a template and then checked by Footprint's team". Footprint initially launched with a single service, the subscription-based "Will Package Service", which costs $120/year per Will. It works without too much complication – you go online, complete some questions, and once you've printed out and signed the Will created using the Footprint tool, your Will becomes valid. In addition, the subscription fee gives customers access to a digital vault (to store essential documents). Finally, it covers the cost of estate administration services if Perpetual Guardian is appointed executor, valued at $10,000. If your estate administration costs more, no additional fees are charged - we explore this in detail below.
Beyond the subscription Will service, Footprint also offers an $85/year "Will It Package" (similar to the flagship Will Package but excluding the $10,000 estate administration) and a one-off $100 Single Will service, which we outline in more detail below.
Is Footprint cheaper than face-to-face lawyer wills?
It depends. Footprint's $120/year subscription fee is unusual for a Will, but covering the cost of administration fees (handled by Perpetual Guardian) upon death can balance out the ongoing costs.
We would argue that the most cost-effective Will is one that is written for a fixed fee (either in a lawyer's office, a professional trustee company, using an online will service or Footprint's one-off $100 service). Further to that, you can reduce costs by appointing a trusted friend or family member as the executor who will administer the estate and distribute your property to the beneficiaries. However, this task isn't suitable for everyone – it takes time, can be complex, and executors have legal and financial responsibilities and liabilities.
For this reason, lawyers and professional trustee companies (such as Perpetual Guardian and Public Trust) offer estate services. If you appoint a friend or family member as executor, that doesn't mean they have to do everything themselves. They can always choose to get professional help from whoever they want at any time, on whatever terms they think are best at that time.
We would argue that the most cost-effective Will is one that is written for a fixed fee (either in a lawyer's office, a professional trustee company, using an online will service or Footprint's one-off $100 service). Further to that, you can reduce costs by appointing a trusted friend or family member as the executor who will administer the estate and distribute your property to the beneficiaries. However, this task isn't suitable for everyone – it takes time, can be complex, and executors have legal and financial responsibilities and liabilities.
For this reason, lawyers and professional trustee companies (such as Perpetual Guardian and Public Trust) offer estate services. If you appoint a friend or family member as executor, that doesn't mean they have to do everything themselves. They can always choose to get professional help from whoever they want at any time, on whatever terms they think are best at that time.
How do the costs and benefits compare?
If you are aged 40-60, have a simple state of affairs but want a professional to administer your Will and are happy to appoint Perpetual Guardian to that role, Footprint's offering is attractive. However, assuming you live to 80 or 90, you pay between $2,500 and $6,000 for a $10,000 estate administration package. There's also no guarantee that Footprint's prices won't increase in the future, and their wording makes it clear that your subscription fees are not refundable should you write another Will (with a lawyer or another tool) later on.
We believe there's very little chance of any Footprint customer paying up to or above $10,000 worth of fees over their lifetime. To help estimate the costs, Footprint offers a savings calculator.
As an example, and based on the above calculator, if you are 36 years old, live to the average age expectancy of 82 and pay $120 a year for 46 years, you will pay $5,520 to Footprint. This entitles your estate to be administered by Perpetual Guardian to an estimated value of $10,000, a saving of around $4,500. Please note, this calculator doesn't consider the opportunity of cost of not investing the $120/year, but we are generally comfortable with its assumptions.
We believe there's very little chance of any Footprint customer paying up to or above $10,000 worth of fees over their lifetime. To help estimate the costs, Footprint offers a savings calculator.
As an example, and based on the above calculator, if you are 36 years old, live to the average age expectancy of 82 and pay $120 a year for 46 years, you will pay $5,520 to Footprint. This entitles your estate to be administered by Perpetual Guardian to an estimated value of $10,000, a saving of around $4,500. Please note, this calculator doesn't consider the opportunity of cost of not investing the $120/year, but we are generally comfortable with its assumptions.
What services are excluded in the estate administration package?
Firstly, it depends on the complexity of your estate. It will either be standard or "complex". As a background, "complex" means:
The provisions within Footprint’s Will Package and inclusions within the estate administration package can be found here. We've listed Perpetual Guardian's estate administration fees for relevance which may be charged if the will administration is "complex". These fees are charged to an estate as part of distributing it to its beneficiaries:
All fees are exclusive of GST.
Important:
Bonus Deals from Footprint, a trusted partner of MoneyHub:
- You own assets outside of New Zealand;
- Your will provides for assets to be given to beneficiaries that live outside of New Zealand;
- Your will involves an intestate estate or appoints co-executors;
- Your estate includes a charitable trust, inheritance trust or a testamentary trust or a life interest or right of occupancy in any properties; or
- Your estate is challenged by your beneficiaries or potential beneficiaries.
The provisions within Footprint’s Will Package and inclusions within the estate administration package can be found here. We've listed Perpetual Guardian's estate administration fees for relevance which may be charged if the will administration is "complex". These fees are charged to an estate as part of distributing it to its beneficiaries:
- Perpetual Guardian charges a fixed Estate Acceptance Fee of $2,500 for their executor role in administering an estate (although this fee won't be applied to Footprint Will packages).
- This fee includes Will retrieval and review, initial meetings with family and establishment of an Estate Management Plan.
- During this process, the Perpetual Guardian administrator will work with relevant family members to establish how the estate will be administered and what to expect through the administration process.
- After this is done, further work (which is often extensive) will be charged on an hourly basis:
- Accountant $115 to $250/hour
- Client Assistant $195/hour
- Client Manager $220 to $300/hour
- Senior or Branch Manager $300 to $400/hour
- Specialist staff $265/hour
- Specialist Manager - $425/hour (for Tax, Legal, Investments and Compliance)
All fees are exclusive of GST.
Important:
- As outlined above, if your estate administration falls outside of the scope of the estate administration package and is classed as a 'Complex' scenario. In such a case, your estate will be charged as much as Perpetual Guardian bills to distribute your assets to the beneficiaries.
- However, as the estate is not complex, there will be no additional costs charged to the estate. This is a significant advantage of the Footprint offering. For example, when it takes 30+ hours to locate and talk with local beneficiaries, the increased time doesn't matter as the estate fees are covered as per the terms and conditions. This means Perpetual Guardian won't charge for the extra time. Extra charges are only for complex estates.
Bonus Deals from Footprint, a trusted partner of MoneyHub:
- Until 31 January 2024, Footprint is offering buy-one-get-one-half-price on their Single Will package. Best of all, customers can take advantage of their service support via phone, Skype and email.
- Footprint offers a rewards program with its Will It package. New customers will receive $200 of rewards immediately, and then $100 for each year of loyalty as time goes on. You can read our review of Footprint here.
Other Footprint Products and Fees
Footprint offers two alternatives to its Will Package:
Important – only the ongoing will packages (Will It and Will Package) offer access to a unique digital vault that we believe is useful for seeing the last version of Will for peace of mind. Arguably, Footprint's appeal is its consolidation of Wills and estate distribution processes in one place, although this won't always be evident to the beneficiaries.
Reward program
Footprint offers this with its Will It plan at $85/year, earning $100/year off probate and estate administration fees. The idea of this is to redistribute the annual Will fees to administration services. However, you will need to select Perpetual Guardian as the executor for this to be valid. As an example, if you contribute for 20 years, you'll pay $1,700 while your estate earns $2,000 of administration benefits.
Bonus Deals from Footprint, a trusted partner of MoneyHub:
- Will It – this service, charged at $85/year, deals only with the Will. It excludes the $10,000 estate administration benefit. In discussions with Footprint, we understand their team is actively educating its Will It clients about the benefits of upgrading to the $120/year service, which includes the administration service.
- Single Will – this is a $100 one-off service, similar to that offered by LawHawk, and offers a single transaction Will service. Footprint's team checks all Wills, and phone support is offered, which is unique to online wills and arguably very valuable. No ongoing services (such as the digital vault) are offered.
Important – only the ongoing will packages (Will It and Will Package) offer access to a unique digital vault that we believe is useful for seeing the last version of Will for peace of mind. Arguably, Footprint's appeal is its consolidation of Wills and estate distribution processes in one place, although this won't always be evident to the beneficiaries.
Reward program
Footprint offers this with its Will It plan at $85/year, earning $100/year off probate and estate administration fees. The idea of this is to redistribute the annual Will fees to administration services. However, you will need to select Perpetual Guardian as the executor for this to be valid. As an example, if you contribute for 20 years, you'll pay $1,700 while your estate earns $2,000 of administration benefits.
Bonus Deals from Footprint, a trusted partner of MoneyHub:
- Until 31 January 2024, Footprint is offering buy-one-get-one-half-price on their Single Will package. Best of all, customers can take advantage of their service support via phone, Skype and email.
- Footprint offers a rewards program with its Will It package. New customers will receive $200 of rewards immediately, and then $100 for each year of loyalty as time goes on. You can read our review of Footprint here.
Footprint - Pros and Cons
Pros:
Cons:
Need to know:
- Footprint is an all-in-one solution – if you don't think your estate administration needs will change, Footprint can be cost-effective, especially if you are older and prefer to know your wishes are managed by a professional trustee company (being Perpetual Guardian).
- You're making a long-term commitment - Life is complicated; you may marry, get divorced, have children and/or leave New Zealand; paying for an ongoing Will subscription service provides you with the opportunity to update your Will annually to account for any of life's changes without having to pay legal fees each time you update it.
- No commitment for one-off online Wills - If you're using the single online Will, there's no long-term commitment, and you're supported by phone and email (which is unique among most online will providers).
- It's available to everybody – Unlike insurance, Footprint's Will Package is available to everyone, no matter what health, age or other circumstances, for the same pricing (i.e. it's not staggered based on your age or health situation).
- It includes much more than a Will – With a Footprint Will Package, you also get access to a digital vault, dashboard with educational resources, notifications to remind you to update your Will, free annual updates to your Will and access to exclusive discounts to other Estate Planning products and services.
Cons:
- Estate administration can be free - you can appoint one (or more) of your offspring, friends and other family members to execute your Will and let them decide if and when they need any professional support, and who they get it from. They can be beneficiaries as well. In addition, there is no obligation for your estate to compensate them, so administering a Will can be very cost-effective (or next to free) compared to using Perpetual Guardian, which charges $115 to $425 in hourly fees.
- No refund if you leave Footprint - If you switch, you won't be able to redeem your $10,000 estate administration benefit.
- If your executor isn't Perpetual Guardian, the ongoing fee is poor value for money - There is little to no benefit from using the service and appointing an executor who isn't Perpetual Guardian.
- Time value of money - $120/year for a Will is unique and arguably expensive at first glance. The value of the Footprint service comes after you die, but you may find that investing $120/year over a 30-50 year period is more valuable than paying a recurring fee.
- Uncertainty of fees in the future - Right now, the Will Package is $120/year, but there is no guarantee that the fee will stay fixed in five or ten years. Also, if Footprint decides to close down, it's uncertain how your "credit" will be applied.
Need to know:
- Footprint shared their research with us that suggested 95% of non-professional executors seek professional help. This help can be quite expensive and is charged to the estate. As with any life decision, it can be very challenging to find the right person if they're not a professional. They may not want the responsibility, and if they agree, it's likely they'll be emotionally impacted by your (i.e. the will writer’s) death.
Footprint Alternatives
Footprint is one of many options when it comes to writing a will. Lawyers, professional trustee companies and online solutions all offer Wills. Also, if you have a family trust, a will is most likely to be part of the package. Our guide to Wills has more details.
As long as a will is signed and structured correctly, it is valid. If you need to amend your wishes (or write a new Will), you can do that in several ways. Only Footprint charges $120/year service fees for such a service.
Bonus Deals from Footprint, a trusted partner of MoneyHub:
As long as a will is signed and structured correctly, it is valid. If you need to amend your wishes (or write a new Will), you can do that in several ways. Only Footprint charges $120/year service fees for such a service.
Bonus Deals from Footprint, a trusted partner of MoneyHub:
- Until 31 January 2024, Footprint is offering buy-one-get-one-half-price on their Single Will package. Best of all, customers can take advantage of their service support via phone, Skype and email.
- Footprint offers a rewards program with its Will It package. New customers will receive $200 of rewards immediately, and then $100 for each year of loyalty as time goes on. You can read our review of Footprint here.
Our Conclusion
- We see Footprint's subscription will service as a way to minimise your estate administration fees while ensuring you always have access to your will and associated documents. However, you'll keep paying an annual fee for your Will until the day you die.
- We believe there is a lot of value in the service, although the the benefits are greatest when you appoint Perpetual Guardian as your executor and have a simple state of affairs (i.e. no overseas assets, overseas beneficiaries etc.)
- If, however, you're alive and decide to stop paying for the protection/service, everything you've paid up until that point isn't refunded. In addition, there is a risk that your personal affairs change – you can update your Footprint Will at any time, but you may decide that your estate is so simple you're comfortable appointing a friend or family member as an executor to save costs etc. What is right for you depends on your unique situation.
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