Are you preparing your clients to handle their inheritances responsibly?
As Canada goes through the biggest inter-generational transfer of wealth in history – approximately $1 trillion dollars over the next two decades – a BMO study indicates the average inheritance in Canada is just under $100,000.
Read: When your client wants to change beneficiaries
The study also indicates 63% believe they will receive an inheritance.
Those surveyed say they’d use an inheritance for:
- Investing for key life events (91%);
- Reducing debt (79%);
- Traveling (78%);
- Buying things they need (78%)
- Helping other family members or friends with major life events (75%)
- Donating to charitable causes (63%)
Receiving an inheritance is a great time to re-evaluate investment objectives, says Julie Barker-Merz, president, BMO InvestorLine, whether it’s saving for a child’s university tuition, working towards buying a house or building your retirement nest-egg.
The study also revealed 75% of people feel it is important to provide an inheritance for loved ones. These articles will help you prepare your clients’ estates: