Scotiabank partners with Willful to Make Estate Planning Easier for Clients

• 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.

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^*.

• 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

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.

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.

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 23^rd to February 25^th 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.

SOURCE Scotiabank

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