Vanilla Estate Builder: Revolutionizing Estate Planning
Background
In 2021, Vanilla set out to revolutionize estate planning by developing a platform that empowers advisors to collaborate effectively and demonstrate the value estate planning brings to their clients. The initial product, Document Builder, experienced slow traction, prompting a pivot to the original idea of creating a comprehensive estate planning platform. This led to the development of Estate Builder, a tool designed to digest and render a client’s estate in the application, providing a detailed PDF presentation that includes a family tree, balance sheet, waterfall and tax liability, estate structure, fiduciaries, beneficiaries, and estate planning document details.
Initial Success
The initial response to Estate Builder was overwhelmingly positive, particularly from Morgan Stanley’s Family Wealth team. They saw immediate value in the platform, simplifying the previously manual and cumbersome process of creating estate planning reports. Morgan Stanley’s team, which had ceased producing such reports due to the difficulty of gathering and organizing the necessary data, became one of the biggest proponents of Estate Builder.
MVP Development
Working closely with CRO Robin Melnick and lead engineer George Mayorga, I assumed the role of Product Manager (PM) to define and scope out the initial requirements for the Minimum Viable Product (MVP) of Estate Builder. The MVP aimed to convert the static PDF report into an interactive, data-driven platform within Vanilla, enabling estate planning specialists to input and visualize data directly.
The tight deadline for delivering the MVP, set for February following an agreement signed in November, required a coordinated team effort. We collaborated closely with Morgan Stanley’s planning team to devise a straightforward method for planners to abstract documents and input information into Vanilla.
Evolution to Estate Builder 2.0
Early in the development process, it became apparent that the MVP experience would not suffice. Partnering with Sam Trapkin, we developed initial wireframes and prototypes to create a more practical and enjoyable document abstraction experience. This evolved into Estate Builder 2.0, which reimagined the platform from a 1:1 translation of PDF reports to an intuitive system aligned with how planners read and structure estates.
The innovation lay in allowing planners to model complex estate structures accurately with a library of provision notes visualized in the application. This enabled layering financial information over estate data, identifying tax liabilities and planning opportunities, and accurately representing post-mortem asset distribution. The new WYSIWYG experience provided real-time, side-by-side views of trust structures and document building.
Continuous Research and User Testing
A significant aspect of Estate Builder’s ongoing success is our commitment to continuous research and user testing. We spend considerable time shadowing our planners in their day-to-day work to gain insights and identify areas for improvement. This hands-on approach allows us to gather valuable feedback and ensure that the product evolves to meet the needs of its users.
Challenges and Learnings
Developing Estate Builder 2.0 was an intricate process. Complex federal and state tax laws were considered to ensure accuracy in waterfall and tax liability calculations. Iterative collaboration with estate planners from major financial institutions was crucial in refining the platform.
Key challenges included:
Complexity of Estate Planning: Addressing the myriad of federal and state tax laws and ensuring accurate modeling of tax liabilities and planning opportunities.
User Experience: Creating an intuitive interface that aligns with how planners think and work.
Data Abstraction: Developing tools to simplify the abstraction of complex estate documents.
V/AI and the Future of Estate Builder
Recognizing AI's potential, Vanilla conducted a hackathon to explore integrating ChatGPT, Claude, and other LLM AI platforms into Estate Builder. This led to the development of an AI model to assist planners in abstracting documents and populating estate details accurately. Given the sensitive nature of estate planning, the approach ensures AI supports rather than replaces planners, maintaining accuracy and compliance with regulations.
Strategically, Vanilla aims to introduce this technology gradually to larger financial institutions, balancing automation with human oversight to build confidence and improve workflows. Future developments include serving advisors and clients with simpler estates, automating document uploads, and creating estate profiles with minimal manual intervention.
Key Results
- Enterprise Adoption: Estate Builder has enabled Vanilla to secure partnerships with enterprise financial institutions (Morgan Stanley, Vanguard, JP Morgan), distinguishing us from competitors.
- Efficiency Improvements: The platform reduces the time and effort required for estate planning, previously a manual process, streamlining workflows and enhancing productivity.
- Innovation in Estate Planning: The iterative approach and integration of AI have positioned Vanilla at the forefront of estate planning technology, providing advanced solutions for complex estates.
Current Team
Product Manager: Greg Farrell
Product Designers: Tiffany Chung & Cathy Tung
Engineering Lead: Kathryn
Product Counsel: Patrick Carlson, Jenny Raess