Should I use FairSplit?
This section talks about our process and capabilities. Find out whether FairSplit is the right tool for you.
What is FairSplit?
FairSplit is a collaborative web application for listing, valuating, and dividing assets. It can be used for any kinds of objects that can be listed and divided among people.
You can easily create an inventory - a list of assets - in the FairSplit web app. This includes the features of listing, valuating, and inviting people to look at the work done.
If you like, you can then turn your inventory into a division: all the above, plus features to fairly divide the assets among divisees (beneficiaries). It's possible to start with an inventory and later upgrade it to a division.
Why use FairSplit?
Rather than physically go to a house and divide assets, a family can avoid a long trip by doing the division process remotely through the Internet. With transparency and much less friction and disagreement.
Third parties can do the jobs of listing assets, valuating them etc.
If you have assets to divide and don't even know where to start you can reach out and request advice from the FairSplit team – even if you are not subscribed to the software solution.
FairSplit has expertise in dividing things, not families.
In what situations is FairSplit useful?
- Estate: dividing an inheritance
- Estate Planning: making arrangements in preparation for future incapacity or death
- Downsizing: moving to a smaller house after retirement
- Divorce
- Insurance: take photos of your possessions so after a loss you know what to claim
The above are the main use cases, but there are many others. You can even divide immaterial things.
How is FairSplit different from other inventory solutions?
Cutting edge technology
FairSplit is the first inventory solution ever to offer:
- its own patented division methods and
- automated listing from photos by artificial intelligence.
The division methods help conduct the process in a just manner. Divisees then feel they had a fair shot to receive the items they wanted and usually people feel comfortable about the results.
If you don't wish to use our division methods, you can still use FairSplit to list an inventory.
You can simply take photos, upload them to FairSplit, and have the AI create assets from the photos, saving hours of work. At the end you should review the AI-created assets, correcting any mistakes.
When the assets are created, you must decide how to valuate them. You may type the values yourself - or ask another person to do it - but if you are not sure how much each thing is worth, our software can help. You can either see for how much similar products were recently sold on ebay or have the AI tool suggest values.
Data security
FairSplit takes the security of you information very seriously.
No one can see your estate or asset data, except the people who have been added to the inventory or division. No data within it is public.
Learn more about the security measures adopted by FairSplit to protect you and your data.
The best customer service
FairSplit understands how sensitive its use cases are – what people are going through – and therefore treats users in a warm and understanding way. You can contact our team and receive guidance about your division even if you are not a client yet.
Can I import an inventory done in another application?
And, of course, you can export a FairSplit inventory as a spreadsheet, too.
Do I need professional help to use FairSplit?
Not at all. Although professionals who deal with estates and divisions will have the experience to make it go more smoothly and provide personal insight and suggestions, FairSplit was designed to be used by anyone.
If at any moment you decide that you would like a third party to inventory your property and prepare the division in the system, or that you would like an experienced lawyer or psychologist to assist your family during the process, you can contact the FairSplit team and ask for recommendations. We will be happy to put you in contact with our partners.