SINGAPORE – Media OutReach – 5 May 2020 – Goodwill reveals a new online will writing app for modern, millennial families in Singapore to organise their assets in 15 minutes, and get on with life.
Homegrown financial planning startup Goodwill has launched an online will app that everyone, especially young parents, smart singles, and savvy seniors can use to create a legally valid will from the ease and safety of home.
Over 21,000 people pass away each year in Singapore, many of them leaving disorganized finances and assets that lead to conflicted families, expensive court costs, and unclaimed assets. Those unclaimed funds now amount to more than S$210 million with the Public Trustee’s office and other government ministries.
In these uncertain times, estate planning has moved from the perpetual to-do list to a top priority for most people. First of its kind in Singapore, Goodwill provides a unique option for those who need to organise their assets and make guardianship arrangements that they can update easily on their own in the years to come. The app can be used for a transparent flat fee for a comprehensive will, plus unlimited lifetime updates.
As parents retire and demand for estate planning increases among millennials reaching new parenthood, creating a will online is quickly becoming a more practical and reliable estate planning option. Goodwill is completely changing the way this generation manages their financial planning, from a static process that requires multiple intermediaries, to something everyone can access and customise for their own circumstances.
Rather than using obscure legalese, Goodwill follows an intuitive, dynamic user flow to generate easy to understand and legally enforceable documents. After providing a few details, users just add their assets, and assign shares to loved ones. They can then preview and print a customised last will and testament, and sign along with two witnesses to make their will legally valid.
“I was six months pregnant when I started Goodwill. When you’re bringing a new person into the world, the responsibility of making sure they’re going to be ok with or without you is a precious burden,” said Goodwill CEO Priya Surya. “At the same time, I was seeing my own parents who are savvy with WhatsApp and Facebook struggle with organising their assets. Seeking out a lawyer to make a one-time arrangement felt both very serious and final. We know that it’s not how life works. As humans, we need both peace of mind, as well as the ability to change our plans just as easily.”
Goodwill is about sharing good fortune with loved ones, as well as creating a legacy of generosity. The product has integrated more than 3,000 nonprofits registered on Singapore’s charity portal into Goodwill. Individuals can now leave a gift, or even a percentage of your estate to a charity or university as part of their will.
Goodwill (formerly Plover) is funded by angel investors and by Entrepreneur First, a talent investor based at 32 Carpenter Street in Singapore, backed by Reid Hoffman and Greylock Ventures. Goodwill is a collaboration between some of the brightest minds in finance, law, and technology who are set on making financial planning and preparation seamless, easy and accessible for everyone.