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ANZ transfers Will bank to Equity Trustees

ANZ Bank will hand over its 6000-strong Will bank to Equity Trustees, following a decision to cease estate planning services from July.

Equity Trustees will have one of the largest Will banks in the country as a result of the move, adding to the sizeable bank acquired in the Australian Executor Trustees deal at the end of 2022.

Further, under the deal, ANZ Private Bank will now refer clients to Equity Trustees should they require estate planning and trustee services.

The Equity Trustees Will bank now holds the estate planning documents of more than 200,000 Australians.

Many of the clients who will see their estate planning documentation transfer have existing relationships with Equity Trustees following its acquisition of ANZ Trustees a decade ago.

"While thousands of law firms around the country also create wills and estate plans and hold them for safekeeping, none have our volume, and few would have a record of nearly 140 years of providing continuous service and security for those documents," Equity Trustees executive general manager, trustee and wealth services Ian Westley said.

"The value of this continuity of service becomes clear when you understand that many wills contain instructions to establish philanthropic trusts - and appoint a trustee to manage that trust in perpetuity. Examples include the Sylvia and Charles Viertel Charitable Foundation, the William Buckland Foundation and the JO and JR Wicking Trust."

Read more: Equity TrusteesWill bankANZ Private BankANZ TrusteesIan Westley