StashAway buys digital wills startup MakeGoodwill

Singapore-based digital investment platform StashAway has acquired MakeGoodwill, a local digital wills platform, in order to expand its wealth management services beyond traditional investment offerings. The terms of the deal were not disclosed. MakeGoodwill allows Singapore residents to create a will online in about an hour, and it will continue to operate as a standalone brand under the StashAway umbrella.

StashAway's CEO, Michele Ferrario, explained that the acquisition is a response to the limited estate planning amongst its clients. According to a YouGov study cited by StashAway, only 22% of Singaporeans have a legally drafted will, and a StashAway survey found that three out of four clients had no will. Moreover, over 40% of those who did have a will said it was outdated. The survey suggests that estate planning is often delayed due to discomfort, complexity, or cost.

MakeGoodwill uses a simple, guided approach to create wills, helping users generate a template based on their needs. The platform then requires users to print and sign the document in the presence of two independent witnesses for it to be legally valid. The process is designed to be accessible and affordable, with a one-time fee of S$179 (~US$132) for a basic will and annual updates available for S$35. The company also offers support for users at no extra cost, with questions answered within 24 hours on working days.

By integrating MakeGoodwill into its platform, StashAway aims to provide a more comprehensive service that addresses the needs of its clients beyond investment management. The move comes as consumer fintechs face a more mature market and seek to deepen client relationships beyond just portfolio performance. As wealth platforms strive to offer more value-added services, estate planning emerges as a clear adjacent need, as it allows clients to specify how their assets should be distributed after their passing.