StashAway, a digital investment platform, has announced the acquisition of MakeGoodwill, a Singapore-based digital wills platform, to expand its wealth management services into legacy planning. This strategic move addresses a significant gap, as only 22% of Singaporeans currently have a legally drafted will, according to a YouGov study.
MakeGoodwill simplifies the will creation process, allowing users to complete a will online in about an hour through guided questions in plain language. This acquisition enables StashAway to support clients not only in building wealth but also in protecting and passing it on to their loved ones. MakeGoodwill will continue to operate as a standalone brand.
The need for such services is evident, with 3 in 4 StashAway clients lacking a will, and over 40% of those with a will reporting it as outdated. Barriers such as procrastination, time constraints, and uncertainty about will content have been cited by more than 8 in 10 individuals. However, 9 in 10 expressed willingness to create a will if the process were simpler.
Michele Ferrario, co-founder and CEO of StashAway, stated, “Bringing MakeGoodwill into StashAway means we can support clients through some of their most important financial decisions, from investing to planning their legacy.”
MakeGoodwill has facilitated the creation of over 1,100 wills since its inception, using templates developed by Singapore lawyers to ensure compliance with local laws. The service costs S$179, significantly lower than traditional law firms, and includes one year of unlimited edits and secure lifetime access to documents.
This acquisition marks StashAway’s first venture beyond wealth building into legacy planning, further enhancing its comprehensive financial services.
