Trust & Will Raises $15M to Expand Digital Estate Planning

It’s worth acknowledging that estate planning is experiencing significant demand in 2020. Whether individuals require the creation or revision of a will, the establishment of a family trust, or the assignment of power of attorney for future healthcare decisions, this year has presented challenging circumstances for numerous families, prompting increased consideration of these essential legal tools, particularly with several weeks still remaining.

Currently, the majority of these documents in the United States are traditionally completed in person and in paper format; however, COVID-19 has created obstacles to this process. As a result, digitally focused companies are gaining prominence in this sector, coinciding with a period of rapid market growth.

Trust & Will is a leading example of this trend, having been initially highlighted in early 2019. At that time, the company had recently facilitated the first electronically signed will in the United States and secured a seed funding round of approximately $2 million, spearheaded by Rise of the Rest.

The company is now securing additional funding, completing a $15 million Series B round led by Jackson Square Ventures, along with participation from a number of other firms. This brings the total funding raised to date, as stated by founder and CEO Cody Barbo, to over $23 million.

The company reports that, since its launch in mid-2018, it has registered 160,000 users for its services. Trust & Will currently offers three distinct products: an estate plan centered around a trust, an estate plan based on a will, and “Guardian,” a simplified solution designed for parents. Clients pay an initial setup fee dependent on the chosen product, followed by a smaller annual subscription fee.

Originally limited to Nevada due to state regulations concerning digital wills, the company now has legal counsel available to assist clients in multiple states. Furthermore, Trust & Will has also overseen the first electronic will signing in Florida, a key location within the estate planning industry.

Several other developments have recently occurred. First, the startup has established partnerships with various banking and financial planning institutions, including Fifth Third Bank (which also participated in the Series B round as a strategic investor), AARP, and the fintech savings platform Acorns.

Second, the company appointed former General Assembly CFO John Zdanowski as its new chief financial officer. The team has expanded to 24 members, and Barbo mentioned via email that all three co-founders have become fathers since the company’s seed round – adding a meaningful dimension to their goal of making estate planning accessible to all.

The company is clearly benefiting from favorable market conditions heading into 2021, and as more states enact legislation supporting digital wills and estate planning, the market is anticipated to continue its expansion in the years ahead. Other companies in this space include Willful and FreeWill.

The company’s current board of directors comprises Victor Echevarria from Jackson Square Ventures, Rob Chaplinsky of Link Ventures (who led the company’s Series A funding), Jesse Draper of Halogen Ventures, Barbo, and Daniel Goldstein, the co-founder and COO.

Below is a comprehensive list of all other investors who contributed to the Series B round. In addition to Jackson Square Ventures, new investors included Fifth Third Bank, Northwestern Mutual Future Ventures, AARP, Rosecliff Ventures, Hack VC, Actium Partners, Noah Kerner and Jeff Cruttenden. Returning investors were Link Ventures, Rise of the Rest, WTI, Techstars Ventures, Luma Launch, and Halogen Ventures.