FreeWill

About FreeWill

FreeWill operates as a public benefit corporation, strategically positioned at the intersection of estate planning and philanthropy. Founded at Stanford University in 2017 by co-CEOs Jenny Xia Spradling and Patrick Schmitt, the company was established to simplify the estate planning process and to facilitate charitable giving. Xia Spradling's background includes work at McKinsey and Bain Capital, where she was involved in launching an impact investment fund, and she also co-founded Paribus, which was later acquired by Capital One. Schmitt's experience stems from founding two nonprofit organizations and serving as the Head of Innovation at Change.org, contributing to its substantial user growth. The concept for FreeWill emerged when Schmitt, while working on his own estate plan, identified an opportunity to simplify the process and simultaneously encourage charitable contributions.

The company's business model is primarily B2B2C, offering a suite of free, online estate planning tools to the general public while generating revenue through partnerships with nonprofit organizations. For consumers, FreeWill provides a user-friendly platform to create legally valid wills, advanced healthcare directives, and durable financial powers of attorney, all valid across the 50 U.S. states and Washington D.C. The platform's core services are free for individuals, a strategy designed to democratize access to estate planning. The company's revenue is derived from subscription fees paid by its nonprofit partners. These partners gain access to fundraising tools that simplify the process of receiving non-cash donations, such as bequests, stocks, cryptocurrency, and gifts from IRAs. Nonprofits pay to be featured on the platform and to receive data on planned bequests from users who consent to share their information.

Since its inception, FreeWill has facilitated the creation of over one million wills and has generated more than $10 billion in commitments to over 10,000 nonprofits. By early 2024, the company had partnered with over 1,500 nonprofit organizations. FreeWill has also expanded its offerings by launching 'Estately' in late 2024, a software solution for financial advisors that provides comprehensive estate planning services, and by acquiring companies like Grant Assistant to enhance its suite of tools for nonprofits. This positions the company to further integrate estate planning into broader financial services through enterprise-level partnerships with insurers and financial institutions.