Fifth Third Bank Launches Digital Wills

Fifth Third Bank is partnering with San Diego-based digital estate planning fintech Trust & Will to offer online estate planning services to its customers. Through the arrangement, Fifth Third customers will be able to prepare an online will in minutes, with discounted pricing.

Why should we care?
The pandemic is pushing many financial activities in digital directions, and wills are no exception. Estate planning is a $180 billion industry in the U.S., and tech companies are seizing momentum as consumers in lockdown seek new solutions: Google searches for “getting a will” reached a five-year peak in the U.S. in April. In recent years, a handful of digital estate planning startups have launched, including Everplans, U.K.-based Farewill, and Canada-based Willfull. The partnership is a win for Trust & Will, giving it access to 6 million Fifth Third customers and building on its recent 100,000-customer milestone and partnership with investing app Acorns. Working with the fintech also helps the bank outsource the digital delivery of a critical financial planning service.