Trust & Will, a San Diego-based legal technology innovator, has successfully raised $25 million in its Series C funding round, pushing its total funding to an impressive $75 million. This milestone is not merely a financial success; it symbolizes a pivotal shift in the traditionally rigid domain of estate planning. As families grapple with the complexities of wealth preservation and transfer, Trust & Will is recalibrating how these essential services are delivered, turning what was once a cumbersome process into a more streamlined and approachable experience.
This company, proudly featured on the CNBC Disruptor 50 list, was founded under a simple yet profound realization: the estate planning industry desperately needed a disruption. While vital aspects of financial life like banking and insurance have found their digital footing, the process of creating a will remained ensnared in bureaucratic hurdles and high costs. Trust & Will emerged as a solution, merging technology with human-centric design to facilitate legally binding documents that adhere to specific state requirements.
The Power of AI in Estate Planning
The significance of Trust & Will’s recent funding round extends beyond mere capital injection; it also marks a strategic commitment to integrating artificial intelligence into its platform. Co-founder and CEO Cody Barbo highlights AI’s potential to enhance clarity and confidence for families and advisors alike in their estate planning processes. By harnessing AI, Trust & Will aims to offer tailored advice and solutions that cater to individual family needs, stripping away the generic layers of traditional estate planning documents. This dual approach—melding technology with human empathy—positions the company as a leader in transforming how people conceptualize and engage in legacy planning.
However, while the focus on AI is commendable, it also raises certain challenges. There is a fine line in the legal realm where automation may not fully replace the nuanced understanding that seasoned professionals provide. How to use AI to facilitate rather than oversimplify needs to be part of their strategic dialogue going forward.
Market Position and Competition
In the competitive landscape of online will creation and estate planning, Trust & Will stands out not only due to its innovative approach but also because of its specific focus on accessibility. Its primary competitors—LegalZoom and Rocket Lawyer—tend to cover a much broader array of legal services, which can sometimes dilute their effectiveness in specialized areas like estate planning.
Moreover, the stark statistic that shows only 31% of Americans have a will, despite 83% acknowledging the importance of estate planning, illustrates a significant gap that Trust & Will aims to bridge. By making estate planning more approachable and less burdensome, the company is positioned to capitalize on this widespread necessity. More than just a service, Trust & Will is championing a movement to normalize the conversation around death and wealth transfer—a topic too often shrouded in stigma and anxiety.
Innovative Outreach and Strategic Partnerships
Trust & Will has also recognized the importance of brand ambassadors in a digital-first world. Their partnership with Super Bowl Champion Matthew Stafford and his wife, podcaster Kelly Stafford, is a strategic move aimed at demystifying estate planning through relatable narratives. By sharing personal experiences in national commercials, they add a touch of familiarity that can resonate with the average family, connecting with audiences who may view estate planning as intimidating.
Additionally, the firm’s collaborations with prominent financial institutions like Bank of America and USAA further affirm its status and extend its reach. These partnerships can create pathways for families that may not have previously considered estate planning, bringing more individuals into the fold of thoughtful legacy management.
A Cultural Change in Financial Awareness
At its core, Trust & Will is pushing for a cultural shift in how families approach estate planning. With quotes from Barbo emphasizing that “every family deserves access to estate planning,” it is clear that the company is not just providing a service but is also advocating for an inclusive movement around wealth management. In doing so, they are rebranding estate planning from a daunting task to an empowering journey—one that equips families with the tools needed to protect their legacies confidently.
With its innovative approach, Trust & Will is not merely changing the game; it’s rewriting the rules. As they continue to evolve and adapt, they not only challenge established norms but also inspire a new generation to engage in vital conversations around estate planning, ensuring that everyone has the resources to build, protect, and pass on their legacies.