Ms. Tanya Eisener reports

SCOTIABANK PARTNERS WITH WILLFUL TO MAKE ESTATE PLANNING EASIER FOR CLIENTS

For many, estate planning can be a daunting task, with 43 per cent of Canadians reporting they do not have a will, according to a new Bank of Nova Scotia (Scotiabank) survey. This sentiment is even higher amongst younger Canadians as two-thirds of people ages 30 to 45 (66 per cent) do not have a will in place. To help, Scotiabank is proud to team up with Willful, one of Canada's leading on-line estate planning services that makes it simple, convenient and affordable for Canadians to get a will and other important estate planning documents on-line.

"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," said 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 do not have a will, and the top barriers were procrastination and cost. One-third (33 per cent) of Canadians report they simply have not gotten around to creating a will while other main reasons were believing they do not have enough assets (27 per cent) and perceived cost of creating a will (20 per cent).

When it comes to key factors that would motivate Canadians to create a will, affordability (66 per cent), convenience (46 per cent) and accessibility (45 per cent) 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 homes. Using Willful's trusted and secure on-line 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 per cent off any Willful plan.

Key factors influencing Canadians and their decision to prepare a will

Among the 57 per cent of Canadians with a will, the key drivers to creating one largely centred around life milestones, primarily getting older (36 per cent) and, within the 30 to 45 segment, having a child (33 per cent). Conversations with friends or family (26 per cent) and recommendation from a financial adviser/professional (25 per cent) 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," said Willful chief executive officer 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 per cent off any Willful plan, visit the Scotiabank website.

Fast facts:

• Over two in five Canadians (41 per cent) say they are likely to receive an inheritance.
• Nearly a quarter (23 per cent) of Canadians expecting an inheritance are relying on the inheritance to support their financial goals.
• Younger Canadians (18 to 29) are significantly more likely to be relying on an inheritance to finance future goals (26 per cent) compared with those ages 46 and above (5 per cent).
• There are a number of things Canadians would do if they inherited a significant amount of money. The majority of Canadians (58 per cent) would first decide to invest/save if they inherited a significant amount of money tomorrow. Using the money to pay off debt (36 per cent) ranks second amongst Canadians, especially among ages 30 to 45 (47 per cent), and one in five Canadians (21 per cent) would use an inheritance to buy a home.
• Nearly one in five (18 per cent) 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 by 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 advisers for personalized advice to help them financially plan for today and tomorrow.

About Bank of Nova Scotia

Scotiabank's vision is to be its clients' most trusted financial partner, to deliver sustainable, profitable growth and maximize total shareholder return. Guided by its purpose, "for every future," Scotiabank helps its 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 Jan. 31, 2024), Scotiabank trades on the Toronto Stock Exchange and the New York Stock Exchange.