Equity Trustees locks in exclusive 5-year referral partnership with Willed
EQT Holdings Limited (ASX: EQT), trading as Equity Trustees, announced on 19 October 2026 that it has entered into an exclusive 5-year mutual referral agreement for selected executor and trustee services with Willed Technologies Pty Ltd (Willed). EQT will also acquire a $5 million equity interest in Willed.
Willed describes itself as a leading Australian digital estate planning business. Founded in 2020, it provides online wills and related end-of-life planning solutions, as well as affordable funerals and cremations, through its technology-enabled platform.
The arrangement is expected to support Equity Trustees’ strategy of expanding reach and access to its specialist estate planning, executor and trustee services through fast growing digital customer channels.
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How the partnership and $5 million investment work
The announcement sets out two components, one commercial and one equity-based. Each carries different obligations for the parties.
Two-part structure
- Exclusive mutual referral agreement: Willed will refer customers of its online platform to Equity Trustees for professional executor and trustee services. Equity Trustees will pay Willed a distribution fee for these referrals and will refer certain clients to Willed for the delivery of probate services.
- Subscription agreement: Equity Trustees will make a $5 million equity investment in Willed, subject to the satisfaction of customary conditions precedent. The investment also includes the right to nominate a non-executive director to the Willed board.
Conditions to note
The subscription is subject to customary conditions precedent. If the relevant conditions are not met by the nominated date, the mutual referral agreement between the parties will be terminated.
The announcement does not disclose the distribution fee amount, Willed’s valuation, the share price, the equity percentage, the share class or the nominated date.
| Component | What EQT provides | What Willed provides | Key condition |
|---|---|---|---|
| Exclusive mutual referral agreement | Distribution fee for referrals; referral of certain clients for probate services | Referral of online platform customers to Equity Trustees for professional executor and trustee services | Terminated if conditions precedent to the subscription agreement are not met by the nominated date |
| Subscription agreement | $5 million equity investment | Right for EQT to nominate a non-executive director to the Willed board | Subject to customary conditions precedent |
Why digital estate planning matters
Estate planning and estate administration are two distinct steps. Estate planning is the process of preparing for what happens to a person’s assets and wishes after death, which includes writing a will. Executor and trustee services come later, when a professional administers the estate according to the will.
Willed’s platform sits at the planning stage, while Equity Trustees’ specialist services sit at the administration stage. The referral agreement links the two.
EQT Managing Director Mick O’Brien said that more than half of Australian adults do not have a valid will in place, which he described as a significant gap in estate planning.
Since inception, Willed has assisted ~200,000 Australians with their end-of-life planning needs through its platform. The announcement does not state how this customer base may translate into referrals or revenue for EQT.
Strategic fit and what to watch
Management perspective
Mr O’Brien said the arrangement combines accessible digital estate planning services with Equity Trustees’ specialist executor and trustee expertise.
Mick O’Brien, Managing Director, EQT
“As more Australians choose to prepare wills online, our partnership with Willed creates a pathway to our specialist professional executor and trustee services.”
Willed Founder and CEO Dave Kaplan framed the deal around the company’s mission.
Dave Kaplan, Founder and CEO, Willed
“…The partnership supports our continued growth as we pursue our mission to be Australia’s leading disruptor in end-of-life services.”
Key takeaways for investors
- The partnership and investment support Equity Trustees’ strategy of expanding reach through fast growing digital customer channels.
- The partnership is expected to support EQT’s growth ambitions through increased affordable access to estate planning and easier access to executor and trustee services.
- The parties will also explore additional opportunities to enhance customer access to varying levels of estate planning services over time.
- No financial guidance or revenue impact was disclosed in the announcement.
The next milestone to watch is the satisfaction of the customary conditions precedent to the $5 million subscription agreement, as the referral agreement will be terminated if they are not met by the nominated date.
The announcement lands while EQT is also fielding competing takeover bids from TPG Global and BGH Capital, with the board having rejected current prices but opened the door to improved proposals.
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