Digital Estate Planner Trust & Will Lands $25 Million in Funding

Where there’s a will, there’s a way to help more clients.

Online estate planning company Trust & Will closed on more than $25 million in fresh funding this week, led by backing from Moderne Ventures, as well as investments from Northwestern Mutual and UBS. The San Diego-based company said the funds will help pay for new AI capabilities, and build out the company’s data infrastructure and new strategic partnerships.

“The majority of financial advisors still don’t have a digital estate planning tool, so that means the tens of millions of clients they work with may not have estate plans,” said Cody Barbo, Trust & Will CEO. The roughly half-dozen companies that offer digital estate planning tools have a market penetration of just about 15%, he added. 

Will They, Won’t They

Estate planning is one of the most in-demand services in wealth management today, but not always the most accessible. Some 93% of clients want estate planning services from their financial advisor, but only 22% are actually getting that advice, according to a Spectrum Group survey. Historically, advisors work with lawyers for estate planning needs, but digital platforms can expand those services to even more clients. 

“Meeting with a lawyer might mean taking time off work or finding a babysitter for the kids,” Barbo told Advisor Upside. “It can become a big ask.”

Let’s Get Digital. With the latest funding, Trust & Will is focused on developing AI capabilities to make its platform more intuitive. One recently launched feature is a tool that reviews clients’ tax, financial planning, and insurance records, for major life events like having a child or buying a new home and notifies them about updating their estate plans.

“Most of the time, families go make these plans with an attorney, and then it just lives in a box in the closet for the rest of their lives,” Barbo said. “With a digital planning tool and AI features, everything is up to date, and there’s no gaps or reason to go to probate.”