RBC hope millennials and Gen X will opt to protect themselves with 20-minute simple will option
RBC has partnered with Epilogue Wills to offer its clients a cheaper online way to do to their wills, which it hopes its younger clients will use to ensure they have that basic protection.
“We’ve noted that many of them, even upon the completion of certain life events, like having a baby or getting a new home, haven’t created a will,” said Rick Lowes, Vice President of RBC’s Personal Savings and Investments Strategy. “Frequently, what we’ve encountered, and other research shows, is they don’t feel the time is right or they don’t think they have enough to warrant doing a will, or it just costs too much, from their perspective, and it takes to long. So, there are a lot of barriers that they’ve identified for taking that next step to protect their future.”
RBC said an Angus Reid Institute poll showed that 51% of Canadians surveyed didn’t have a will. LawPRO’s survey showed that number jumped to 88% for Canadians aged 27 to 34.
RBC has partnered with Epilogue Wills, whose founders are experienced tax lawyers with a conservative approach that appealed to RBC, to provide RBC’s clients with a scaled-down online option at a discounted price. Epilogue offers a standard cost of $139 to do a will and $179 to include the power of attorney documents, and RBC planned to offer a discount as part of its client promotion. Clients can also do the 20-minute process from home with and receive additional information on various estate planning topics from RBC Royal Trust
RBC Ampli, a free cash-back app, also plans to offer this service to its users.
“I think some of the slightly older cohort, Generation X, may see this as a viable way to start the process if they haven’t done it yet,” said Lowes. “But, we think the vast majority who will be interested in it would be a bit closer to that millennial segment.”
Epilogue offers a simple will process, but the process refers those with more complex situations for additional help.
“This works for those who have more straightforward needs, but It gives people direction if they have more complex needs,” said Lowes. “It gives us some peace of mind and comfort that they’ve taken the right steps.”