New partnership makes will creation simple and affordable, tackling major barriers for Canadians
Scotiabank has announced a strategic partnership with Willful, an online estate planning service in Canada, aimed at simplifying the process of creating wills and other estate planning documents for its clients.
This collaboration is in response to a Scotiabank survey revealing that 43 percent of Canadians lack a will, a figure that rises to 66 percent among Canadians aged 30 to 45.
The partnership seeks to address common barriers to estate planning, such as procrastination, the perceived lack of assets, and the costs associated with creating a will.
Tanya Eisener, senior vice president of Retail Customer Value at Scotiabank, emphasized the importance of estate planning in ensuring one's wishes are respected and loved ones are provided for.
She highlighted the bank's commitment to assisting clients through all life stages, with the Willful partnership enhancing Scotiabank's offerings by providing accessible and affordable estate planning solutions.
The Scotiabank survey also shed light on the factors Canadians consider important in motivating them to prepare a will, with affordability, convenience, and accessibility being key.
Willful's platform addresses these needs by offering a user-friendly, secure online environment where Canadians can draft legally valid wills and power of attorney documents in under 20 minutes, starting at $99.
Additionally, Scotiabank clients benefit from a 20 percent discount on any Willful plan.
Life milestones such as aging and having children, along with discussions with friends, family, and financial advisors, play significant roles in motivating Canadians to create a will.
Erin Bury, CEO of Willful, stated the company's mission to ensure every Canadian adult has a will that accurately reflects their wishes and to highlight the role of estate planning in financial well-being, regardless of the size of one's estate.
The partnership is also part of Scotiabank's broader initiative to offer digital tools and personalized advice to help clients manage their finances and plan for the future.
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Scotiabank's Advice+ platform includes features such as Scotia Smart Money and Scotia Smart Investor, which provide clients with resources to manage their spending, create budgets, and set financial goals.
This initiative comes at a time when over two-fifths of Canadians believe they will receive an inheritance, and nearly a quarter rely on this inheritance for their financial planning.
Younger Canadians are more likely to count on an inheritance to achieve their future financial goals. The survey also found that a significant portion of Canadians would choose to invest or save an inherited sum, while others would use it to pay off debt or purchase a home.
