Trust and Will raises $15M as digital Estate Planning hits mainstream

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Here is a fact we all need to understand: estate planning is a growth business in 2020. Whether you need to draft or update a will, create a family trust, or sigh over power of attorney for end-of-life-decision-making, it has been a very challenging year for several families, and even more individuals are starting to think about these tools if anything bad happens this year.

In the U.S, the vast majority of this paperwork is carried out in-person and on paper. However, COVID-19 has made that very hard. Digitally native startup are beginning to set their eyes in this market, just as the market is becoming white hot.

One of the leaders of this pack is Trust & Wills, a company based in San Diego. A few years back, the startup signed the first electronic will in the United States and has raised a $2 million or so seed round led by Rise of the Rest.

No, the startup is returning to the capital trough, picking up a $15 million Series B spearheaded by Jackson Square Ventures and a bunch of other firms stated below. That beings the company’s entire funding to over $23 million.

The company revealed that it has had 160,000 users register for the company’s services since it started operations in mid-2018.  Trust & Wills today has three products, a trust-based estate plan, a will-based estate plan, and “Guardian,” which is a sort of simpler setup for parents with children. Customers pay an upfront setup fee based on which product they select, and then they pay a little recurring annual subscription fee.

The company, which formerly only worked in Nevada because of the state laws around digital wills, now has attorneys who can help clients in different states. The company has also since carried out the first electronic will in Florida’s history, which, let’s just say, is an essential breakthrough in the estate planning industry.

A couple of other new modifications. First, the startup has built up several banking and financial planning relationship with institutions like Fifth Third Bank (which also jointed the Series B round as a strategic investor), AARP, and fintech savings startup Acrons.

Secondly, the company hired former General Assembly CFO John Zdanowski to take on the startups chief financial officer role. The team has grown to 24, and Barbo noted by email that all three co-founders have become dada since the company’s seed round-putting  bit of poignant note on their mission to make estate planning accessible to all.

Clearly, the company has an impressive marketing tailwind moving forward, and as more states adopt the idea of digital wills and estate planning laws, the market is only set to expand in the future. Several other startups like Willful and the brilliantly named FreeWill have their presence in this market.

Today, the company’s board consists of Victor Echevarria from Jackson Square Ventures, Rob Chaplinsky of Link Ventures (which led the company’s Series A), Jesse Draper of Halogen Ventures, Barbo, and Daniel Goldstein, who is co-founder and COO.

And now, for the lengthy list of all other investors who had a role to play. In addition to Jackson Square Ventures, new investors for the Series B included Fifth Third Bank, Northwestern Mutual Future Ventures, AARP, Rosecliff Ventures, Hack VC, Actium Partners, Noah Kerner and Jeff Cruttenden. While returning investors included Link Ventures, Rise of the Rest, WTI, Techstars Ventures, Luma Launch, and Halogen Venture

Need and Estate Planning Lawyer?

Estate planning has been made easy with the introduction of several online estate planning platforms. However, not all types of estate can be planned with these online platforms. For instance, if your estate is a complex one, you will need to contact an experienced estate planning attorney.

We boast of the best estate planning attorneys and can help plan your estate according to your wish. We can help create the necessary estate planning documents and update your estate plan when needed. Contact our office to speak with our attorney.

DISCLAIMER: The information provided in this blog is for informational purposes only and should not be considered legal advice. The content of this blog may not reflect the most current legal developments. No attorney-client relationship is formed by reading this blog or contacting Morgan Legal Group.

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