Charities’ will-subsidy scheme a dead-set money-spinner
Charities have offered their supporters discounted rates to join up with online will platform Safewill, in an effort to futureproof donations.Safewill founder Adam Lubofsky says the platform raised $500 million in bequest fundraising last year.Dozens of charities are subsidising the costs of their supporters’ wills in an attempt to secure future bequests as cost of living threatens donations.
Safewill founder Adam Lubofsky said charities paid a subscription fee to Safewill, and Safewill then covered the discounts to customers the charities referred. “Last year we received $500 million in bequest fundraising, and we are hoping to double that this year,” he said.St Vincent de Paul Society is one of the charities signed up to Safewill, offering its supporters a free will for using the service.
“We are seeing significant increased demand, so we are asking people to continue donating to Vinnies to help us meet that need,” she said. However, some lawyers have raised concerns about the rise of online services such as Safewill and its competitor, Willed.
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