- Over 2 in 5 Canadians (43%) do not currently have a will in
place.
- Affordability (66%) is the top factor that matters most for
Canadians without a will.
- Willful platform offers Scotiabank clients value and peace
of mind through convenient and affordable online estate
planning.
TORONTO, April 3,
2024 /CNW/ - For many, estate planning can be a
daunting task, with 43% of Canadians reporting they don't have a
will, according to a new Scotiabank survey. This sentiment is even
higher amongst younger Canadians, as two-thirds of people ages
30-45 (66%) do not have a will in place. To help, Scotiabank is
proud to team up with Willful, one of Canada's leading online
estate planning services that makes it simple, convenient, and
affordable for Canadians to get a will and other important estate
planning documents online.
"While it can be hard to think about, putting together an estate
plan ensures your wishes are carried out and your loved ones are
provided for," says Tanya Eisener,
Senior Vice President, Retail Customer Value. "At Scotiabank, we
work closely with clients to plan for every stage of life. By
partnering with Willful, we're able to provide our clients with
convenient and affordable estate planning so they have peace of
mind."
The survey outlines the main reasons Canadians don't have a
will, and the top barriers were procrastination and cost. One-third
(33%) of Canadians report they simply haven't gotten around to
creating a will, while other main reasons were believing they don't
have enough assets (27%) and perceived cost of creating a will
(20%).
When it comes to key factors that would motivate Canadians to
create a will, affordability (66%), convenience (46%) and
accessibility (45%) are essential to driving interest.
Willful removes unnecessary roadblocks by offering a
personalized and comprehensive suite of digital estate planning
tools for Canadians to create a legally-valid will from the comfort
of their home. Using Willful's trusted and secure online platform,
Canadians can create their last will and testament and power of
attorney documents in about 20 minutes or less, with plans starting
at $99. To support the partnership,
Scotiabank clients will receive 20% off any Willful plan.
Key factors influencing Canadians
and their decision to prepare a will.
Among the 57% of Canadians with a will, the key drivers to
creating one largely centered around life milestones, primarily
getting older (36%) and within the 30-45 segment, having a child
(33%). Conversations with friends/family (26%) and recommendation
from a financial advisor/professional (25%) were also key
influencers within this segment.
"Our mission at Willful is to ensure every Canadian adult has a
will that reflects their wishes, and we focus on educating
Canadians on the importance of having an estate plan in place that
will protect and provide for their loved ones should the unexpected
occur," says Willful CEO Erin Bury.
"Estate planning is an important part of an overall financial plan,
regardless of how many assets you have, and that's why we are
honoured to team up with Scotiabank to offer their clients a
seamless digital experience to help them check a will off their
list in 2024".
For more information on Scotiabank's collaboration with Willful
and how Scotiabank clients can receive 20% off any Willful plan,
visit the official page on Scotiabank.com
here*.
Fast Facts:
- Over 2 in 5 Canadians (41%) say they are likely to receive an
inheritance.
- Nearly a quarter (23%) of Canadians expecting an inheritance
are relying on the inheritance to support their financial
goals.
- Younger Canadians (18-29) are significantly more likely to be
relying on an inheritance to fund future goals (26%) compared to
those ages 46+ (5%).
- There are a number of things Canadians would do if they
inherited a significant amount of money. The majority of Canadians
(58%) would first decide to invest/save if they inherited a
significant amount of money tomorrow. Using the money to pay off
debt (36%) ranks second amongst Canadians, especially among ages
30-45 (47%), and 1 in 5 Canadians (21%) would use an inheritance to
buy a home.
- Nearly 1 in 5 (18%) Canadians have an out-of-date will that
needs to be updated
Digital tools and solutions to
help Canadians plan now for peace of mind later.
Scotiabank's partnership with Willful marks another important
step in providing clients personalized advice and digital solutions
to help invest in their future.
- Through Scotiabank's Advice+ platform, clients have access
to a variety of digital tools and resources to support their
financial goals big and small, including:
-
- Scotia Smart Money by Advice+: Scotia Smart Money is a
digital money management feature enabling clients to track their
spending, create a budget, and get personalized insights to
maximize the way they manage their finances.
- Scotia Smart Investor via Advice+: Scotia Smart Investor
is a digital platform allowing clients to set, track, and manage
financial goals as their life evolves. With the ability to set as
many goals as you like and link investment accounts to them,
clients have a clear view to help reach their goals faster.
Scotiabank clients are encouraged to book an appointment with
their Scotia advisor for personalized advice to help them
financially plan for today and tomorrow.
About Scotiabank
Scotiabank's vision is to be our clients' most trusted financial
partner, to deliver sustainable, profitable growth and maximize
total shareholder return. Guided by our purpose: "for every
future," we help our clients, their families and their communities
achieve success through a broad range of advice, products and
services, including personal and commercial banking, wealth
management and private banking, corporate and investment banking,
and capital markets. With assets of approximately $1.4 trillion (as at January 31, 2024), Scotiabank trades on the
Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange
(NYSE: BNS). For more information, please visit
http://www.scotiabank.com and follow us on X @Scotiabank.
About Willful:
Willful makes it affordable, convenient, and easy for Canadians
to create a legal will and other estate planning documents online
by following a clear step-by-step process. Willful's platform was
developed in collaboration with leading estate lawyers, and has
pricing plans starting at $99. Willful is available in all 10
provinces, with a fully bilingual offering in Quebec. Since launching in 2017, Willful has
helped Canadians create over 300,000 documents. To get started,
visit willful.co.
About this study:
This Maru Public Opinion survey conducted on behalf of
Scotiabank was undertaken by the sample and data collection experts
at Maru/Blue. 1,530 randomly selected Canadian adults who are
Maru Voice Canada online
panelists were surveyed from February
23rd to February
25th 2024. The results of this study have been
weighted by education, age, gender and region (and in Quebec, language) to match the population,
according to Census data. This is to ensure the sample is
representative of the entire adult population of Canada. For
comparison purposes, a probability sample of this size has an
estimated margin of error (which measures sampling variability) of
+/- 2.5%, 19 times out of 20. Discrepancies in or between totals
when compared to the data tables are due to rounding.
*Visit Willful's
official website to see if Willful suits your needs. Everyone's
estate planning needs are unique, and there are a number of
situations that can add complexity to a will and require legal
advice from a lawyer, including the way you want to plan your will
and your power of attorney.
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SOURCE Scotiabank