RBC, Epilogue Wills Offer Affordable Online Will Option

Royal Bank of Canada (RY) and Epilogue Wills are teaming up to provide Canadians in need of basic estate planning services with an affordable online legally binding will option.

The collaboration comes during Make a Will Month in Ontario.

Many Young Canadians Don’t Have A Will

According to a survey by the Angus Reid Institute, 51% of Canadians do not have a will, while this rises to 88% among those aged 27 to 34 according to the findings of a LawPRO study.

Completing a will online on the Epilogue website takes about 20 minutes. Users answer questions about their situations and their wishes and follow the signing instructions to obtain a legally binding will.

Management Commentary

“Epilogue was founded by estate planning lawyers who understand that online Wills are not the right solution in every case, but can be a good option for people with basic planning needs,” said Leanne Kaufman, president and CEO of RBC Royal Trust.

“For simple estates, we see this service as a way to democratize estate planning, and encourage those who might otherwise avoid creating a Will to get the job done – and save their loved ones from the challenges of trying to work through an estate settlement without a Will.”

Daniel Goldgut, co-founder and CEO of Epilogue Wills, said that the cost and time involved have traditionally been barriers to people completing their wills. The collaboration of Epilogue Wills with RBC will help millions of Canadians learn more about estate planning, plan for the future, and create the legacies they want. (See Analysts’ Top Stocks on TipRanks)

Wall Street’s Take

On September 1, Credit Suisse analyst Mike Rizvanovic kept a Buy rating on RY with a C$144 price target. This implies 8.3% upside potential.

The rest of the Street is bullish on RY with a Strong Buy consensus rating based on eight Buys and two Holds. The average Royal Bank of Canada price target of C$143.98 implies 8.3% upside potential to current levels.

TipRanks’ Smart Score

RY scores an 8 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock returns should outperform the overall market.

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