Legal tech startup Trust & Will raises $25M from Northwestern Mutual, UBS to simplify estate planning with AI

Trust & Will, an online estate planning startup, has secured $25 million in Series C funding to ramp up its use of artificial intelligence. The San Diego-based company has now raised a total of $75 million.

Moderne Ventures led the round, with additional backing from Northwestern Mutual Future Ventures, UBS Next, and Erie Insurance. While Trust & Will’s last known valuation was $169 million in June 2022, the company says its value has surged over fivefold since its 2020 Series B, now reaching into the “hundreds of millions,” though it declined to share specific figures.

Founded in 2017 by Cody Barbo, Daniel Goldstein, and Brian Lamb, Trust & Will set out to simplify estate planning. The goal? Make it more affordable and accessible for families. By combining technology with human oversight, the platform helps users create legally valid estate-planning documents that meet state requirements.

“AI enables families and advisors to plan with greater clarity and confidence,” co-founder and CEO Cody Barbo told CNBC in a statement. “By combining technology with human compassion, we’re transforming how people protect and preserve their legacies.”

Online Estate Planning With Trust & Will

The idea for Trust & Will took shape when its founders noticed a gap in the online estate planning market. While most financial services had moved online—from banking to insurance—estate planning was still stuck in an old-school, expensive, and complex process. Traditional options often required thousands of dollars and meetings with lawyers, while cheaper online templates lacked customization.

Today, Trust & Will has served over one million customers. Its annual report highlighted a major problem: 83% of Americans see estate planning as important, but only 31% have a will, and over half have no plan at all. The company’s platform aims to change that by offering a simpler, more accessible solution.

Trust & Will works both directly with individuals and through partnerships with financial institutions like Bank of America, USAA, and Navy Federal. To broaden its reach, the company recently launched its first celebrity-backed ad campaign featuring Super Bowl Champion Matthew Stafford and his wife, podcaster Kelly Stafford. It also became the official estate planning partner for the Los Angeles Kings and San Diego Wave professional sports teams.

“Every family deserves access to estate planning, and every professional deserves tools that simplify the process while delivering exceptional results,” Barbo said. “This Series C funding is more than a company milestone—it’s a step toward making estate planning a standard service for every family.”

With its latest funding, Trust & Will plans to continue enhancing its AI capabilities, aiming to make estate planning as straightforward and stress-free as possible.