An Angus Reid survey found that 57% of Ontarians don’t have a will, and of those who do, 1 in 10 are out of date.
The partnership will empower Meridian’s more than 360,000 members to complete their will, power of attorney documents, and other estate plans online for a fraction of the cost of visiting a lawyer.
“At Meridian we strive to give our Members confidence and peace of mind about their finances, and that includes preparing for the unexpected. Partnering with digital will providers is just one way we’re making financial planning more simplified and affordable,” says Kirsten Sonius, Vice President, Retail Banking, Meridian. “The younger you are, the less likely you are to have a will, so we hope this partnership encourages our members of all ages to create or update their will.”
Meridian has launched a new online resource centre to educate members about getting their will and other estate planning documents online. Members can get an exclusive discount on creating a will with LegalWills.ca or Willful, and can explore content about the importance of a will, power of attorney documents, and other end-of-life plans.
“As the millennial mom of a young daughter, I hope this partnership spreads the word about the importance of protecting our loved ones through a will, since we know the majority of Canadians – especially young Canadians – haven’t created this important document, and cost is a major barrier,” said Erin Bury, CEO, Willful.
Both LegalWills.ca and Willful bring the estate planning process online, helping Canadians create wills, power of attorney documents, and other estate planning documents online. Their documents are designed by lawyers to adhere to all provincial regulations. Both company’s platforms guide users through a series of questions about their life situation and help them appoint key roles in their will, including executors, beneficiaries, and guardians.
Customers are presented with a set of customized PDF documents that can be executed as per provincial requirements. Both platforms also allow Canadians to go beyond the will to create supporting legal documents including power of attorney documents, and to record other end-of-life wishes including funeral and burial wishes, and a list of assets for their executor.
“With hundreds of millions in unclaimed estates in Canada alone and the potential for disputes over caring for dependent children, partnerships like this increase accessibility and affordability to estate planning and peace of mind,” said Tim Hewson, CEO, LegalWills.ca.