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Investments

Launching Trustestate—transforming intergenerational wealth transfer

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Investments

Launching Trustestate—transforming intergenerational wealth transfer

Words Founders Factory

May 16th 2024 / 3 min read

We’re excited to announce the latest business to spin out of our Aviva Venture Studio—Trustestate.

The problem

An unprecedented wealth transfer is on the horizon with £5.5 trillion set to be inherited in the next 30 years in the UK alone. Yet, the process for receiving inheritance—probate—remains stuck in the past.

Currently, on average, it takes 9 to 12 months (or more) to receive inheritance, and involves high fees, mountains of paperwork and endless phone calls.

Customers are subject to lots of legal jargon and this slow and complex process adds a significant burden and emotional strain to an already difficult time for families.

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The solution

Trustestate is on a mission to transform inheritance and intergenerational wealth transfer. Their user centric platform is designed to eliminate the complexities and frustrations with probate, making it faster, cheaper, and more transparent for their customers.

After a short consultation, customers receive a fixed, upfront quote so they know exactly what to expect. Customers can manage the entire process confidently through Trustestate’s online platform that streamlines the process, automates manual tasks and alleviates the burden from customers.

The team

Rish Sareen (CEO & Founder)

Rish is a seasoned operator in fintech and financial services. Prior to Trustestate, he was VP of Operations at savings and investment app Plum, which has nearly 2 million customers across Europe. Before this, he worked in investment banking at J.P. Morgan. He has an MBA from INSEAD.

Why we’re excited to invest

Olly Betts, fintech sector director, says: “We are about to experience the biggest intergenerational wealth transfer in history. But whilst many other aspects of our financial lives have been improved through digitisation, estate management remains analogue, opaque and confusing - just the opposite to what people need when they are grieving.

That’s why we are so excited to have supported Rish in creating Trustestate—leveraging AI and more importantly compassion to help ease the transfer of wealth.”