Innovative platform to create online wills make debut in Hyderabad

Hyderabad : In a significant development, Mitt Arv, India’s innovative LegacyTech platform, has marked its entry into the Indian market in Hyderabad. With a unique approach, it emphasises both effective legacy planning and the well-being of individuals and families, addressing not only their financial security but also their emotional fulfillment. Vishal Mehta, who works for Microsoft and is based in Singapore, started Mitt Arv in early 2022 with Ashwin Jain, is co-founder and Chief technical officer at the Hyderabad-based startup.

The impact of the Covid-19 pandemic has underscored the importance of treasuring and safeguarding cherished memories with our loved ones. Furthermore, recent disclosures about an astonishing amount of unclaimed funds in nationalised banks, reportedly reaching almost 1 lakh crore rupees (with potential figures suggested to be 5 to 10 times higher according to Reserve Bank of India’s data), have come to light.

In light of these circumstances, Mitt Arv’s objective is to equip users with a range of advanced tools for legacy planning. This approach seeks to tackle forthcoming intricacies and uncertainties, thus securing enduring legacies for generations to come. The platform aims to redefine legacy planning in India, transcending conventional succession agreements and reshaping how individuals, families, and friends ready themselves for the times ahead.

Speaking to The Hans India, Mitt Arv, Founder, Vishal Mehta, says, “The demise of a fellow IIM-Calcutta batchmate during the Covid-19 Delta wave, leaving behind a two-year-old daughter, had left a devastating impact on me. At that juncture, my son was merely six months old, and the situation struck me deeply. I was trembling at that time. This experience prompted me to act.”

Vishal Mehta crafted a financial will and consolidated his assets, recognising the need for such preparations. However, he soon realised that there was a lack of accessible tools or seamless methods for this purpose. This realization served as the catalyst for the inception of Mitt Arv – a platform designed to simplify the process of documenting an individual’s assets.

Mitt Arv, which means “my legacy” in the Swedish language, draws on personal experiences. “As I embarked on the journey of creating a will, I encountered an eye-opening aspect – in Singapore, the notion of a nominee was absent. This realization prompted me to undertake the task of transferring all the assets I held in Singapore to India. From a logistical standpoint, this was a challenging process that demanded considerable effort.,” says Vishal Mehta.

The older generation possesses physical passbooks and life insurance certificates, but our contemporaries rarely have these documents in printed form anymore. Our digital technology has shifted everything to our inboxes or digital formats. Yet, if the main breadwinner of the household suddenly passes away, challenges arise not because there’s a lack of funds, but due to the absence of accessible information. Vishal Mehta underscores the importance of platforms like Mitt Arv that facilitate succession planning – encompassing financial, personal, and legacy aspects.

Currently accessible in its beta version on Google’s Android platform, the mobile app functions through a referral code. It introduces two key offerings: The Emotional Will and the Asset Vault. The ‘emotional will’ enables users to share messages with their loved ones in text, audio, or video forms. Users can specify when these messages should be delivered – whether during a terminal illness or posthumously.

To activate this feature, users must designate a trusted contact who will receive updates about their well-being after their passing. The app starts sending notifications if there’s no user activity for 90 days. In the absence of a response, Mitt Arv contacts the trusted contact via email to inquire about the user’s status. If the response indicates that the user has ‘deceased,’ the emotional will is then released and conveyed to the designated recipient, as specified by the user.

Vishal Mehta says, “An emotional will is akin to your emotional bequest; it's a creation akin to a will, a message you wish to communicate to your friends and family or anyone else, but this will be delivered posthumously.”