Heirloom

Heirloom is a personal finance service that calculates a user's net worth by asking questions about assets like cars, cash, income, and home, as well as liabilities and future earning power. Users can take the assessment as a guest or create an account to save their results and revisit them later. The platform offers a dashboard that displays a breakdown of where a person's money is held and how they compare to peers.

The service operates in Australia, with its headquarters located in Victoria. It is designed for individuals who want to understand their financial standing without needing to log into banks or upload documents. The platform aims to provide clarity on what a person owns and owes through a simple set of plain questions.

To get started, users simply visit the website and begin the quiz, which takes about two minutes to complete. There are no fees to use the service, and no bank logins or document uploads are required to generate an initial estimate. Users can choose to take the assessment as a guest or create an account to save their results for later.

The estimate is only as accurate as the answers the user provides to the questions about their assets and liabilities. Heirloom combines these figures with a set of general assumptions to produce an estimate, not a formal valuation. Users are advised to check anything important with a licensed professional before making decisions based on the results.

Heirloom values the years of earning still ahead of a user by incorporating future earning power into the calculation alongside current assets and liabilities. This feature helps users see a more complete picture of their financial position, including the value of their future income potential. The dashboard then visualizes this data along with a breakdown of where money actually sits today.

Heirloom gathers property, super, insurance, investments, and the paperwork behind them into one centralized location. This replaces the need to search through four drawers and three inboxes to find important documents. The system holds these items alongside the user's financial information for easy access.

The dashboard updates as values move, ensuring the answer to 'where do we stand?' is never a weekend of digging. It provides a single view of everything a user owns and owes, updated in real-time. This feature allows users to see a clear picture of their financial life without manual updates.

Heirloom is currently a prototype and is not yet a fully publicly launched product. Its privacy, security, and access procedures are still being established during this testing phase. Users are advised not to enter genuine financial, legal, or health details while the system is being tested.

Some testers say the service made them realize they have more money than they thought. Others found it helpful to see everything in one place, while noting the dashboard is clear and easy to use. These positive themes highlight the clarity and simplicity the platform offers to users.

The platform states that most people are out by a wide margin in both directions when estimating their net worth. An illustrative figure of A$0 is shown to demonstrate that the actual result will look nothing like it. This emphasizes the common surprise users feel when seeing their true financial position.

Heirloom does not recommend financial products and is not a licensed financial adviser or legal practitioner. It also does not prepare legally valid wills, distinguishing its role from other financial services. Users are encouraged to speak to a licensed professional before making any financial or legal decision.

The website explicitly states that there are no fees to use the service. This free access allows users to take the assessment as a guest or create an account without any cost. The lack of fees is a key feature that encourages users to explore their financial situation.

The official website of Heirloom is heirloomau.com.

Heirloom has no reviews on Trustburn yet. Anyone who has used it can write the first review on its Trustburn page.