[Podcast] Unlocking the Future of Estate Planning with Jenny Xia Spradling of FreeWill
Freewill is unlocking the future of estate planning and charitable giving with a mission-driven approach, by transforming how we plan for the inevitable while making a positive impact on society.
In a recent episode of the Wharton Fintech Podcast, lead host Javo Bierwirth sat down with Jenny Xia Spradling, the co-founder of FreeWill, a groundbreaking startup revolutionising estate planning and charitable giving in the U.S. With over a million families having used their services, FreeWill offers a range of tools including wills, trusts, healthcare directives, and financial powers of attorney, all aimed at simplifying the end-of-life planning process and encouraging charitable giving.
In conversation with Javo, Jenny shared the inspiration behind FreeWill, which originated from her co-founder Patrick’s personal experience. Patrick had extensive experience working in philanthropic causes and understood that some of the most high-impact donations often come from wills. Through this experience, Patrick and Jenny realised the potential for streamlining the process to benefit charitable causes. This insight became the seed for FreeWill.
One of the key barriers to estate planning, as Jenny points out, is the perception that it’s “scary, complicated, and expensive.” FreeWill addresses these issues head-on by offering an intuitive, free platform that allows users to complete their estate planning from the comfort of their home in about 25 minutes. Jenny emphasises that FreeWill’s mission is to “increase access to estate planning” and make charitable giving an integral part of the process.
One of the key barriers to estate planning, as Jenny points out, is the perception that it’s “scary, complicated, and expensive”
Reflecting on her journey, Jenny, who previously helped found successful fintech startup Paribus, worked in private equity, and attended Stanford’s Graduate School of Business, highlighted the challenges and rewards of entrepreneurship. Her transition to FreeWill was driven by a shared vision with Patrick to make a significant social impact. “Every time you talk about Paribus, your eyes light up,” a mentor once told her, reinforcing her passion for starting new ventures and making a difference.
FreeWill’s business model is as innovative as its mission. While the platform is free for consumers, it generates revenue by providing white-labelled versions of its tools to nonprofits, which in turn offer them to their donors. This B2B approach has proven successful, with nonprofits recognizing the value in facilitating planned giving through FreeWill’s user-friendly interface.
The COVID-19 pandemic posed significant challenges for FreeWill, particularly since their primary customers — nonprofits — were heavily impacted. However, the crisis also underscored the importance of estate planning, leading to a surge in users. Jenny and her team adapted by providing crucial resources to nonprofits, including guides on applying for PPP loans, and fostering a sense of community through webinars.
[During the pandemic] Jenny and her team adapted by providing crucial resources to nonprofits, including guides on applying for PPP loans, and fostering a sense of community through webinars
Looking ahead, Jenny envisions expanding FreeWill’s reach internationally and continuing to innovate in the nonprofit tech space. She also highlighted the importance of supporting high-performance women in startups, especially those re-entering the workforce after maternity leave. Her advice to other startups is to be generous with leave policies and to recognize the ongoing challenges new mothers face.
The Wharton Fintech Podcast, where this conversation took place, is a leading platform exploring the intersection of finance and technology. It features interviews with industry leaders, innovators, and entrepreneurs who are shaping the future of fintech. The podcast aims to provide listeners with deep insights into the latest trends, challenges, and opportunities in the fintech landscape.
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About FreeWill
FreeWill is a social-good enterprise offering online tools that empower Americans to address commonly faced estate planning needs and make charitable donations in tax-advantaged ways, all for free. FreeWill also features a charitable giving platform that makes it easier for nonprofit fundraising teams to unlock transformational non-cash gifts. Through its partnerships with 1,500+ nonprofits who understand that major gifts often are part of estate plans, the company is also able to provide a comprehensive suite of estate planning and related tools to consumers free of cost. To date, FreeWill has generated nearly $10 billion in planned and real-time gifts for more than 10,000 nonprofits while helping more than 1 million consumers create wills and plan their estates.
About the Wharton Fintech Podcast
The Wharton Fintech Podcast hosted by MBA students at one of the US’s premier business schools, is an industry-renowned and award-winning Podcast and Blog, featuring interviews with more than 350 FinTech CEO’s and CxO’s, leading venture capitalists, thought leaders from academia, and ecosystem enablers from accelerators, regulatory bodies, and MUCH more! Give it a listen on the podcasting platform of your choice, including: Spotify, Apple Podcasts, SoundCloud, and Amazon Music.
