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October 17, 2012 at 06:29 AM
More than two-thirds of Canadians say their children’s inheritance will be held in trust until the children reach a certain age, with one-third placing that age between 22 and 30, according to new research.
BMO Harris Private Banking, Toronto, published this finding in a summary of results from an estate planning study that examines Canadians’ intentions and expectations for their wills.
The study reveals that more than half of Canadians (56%) have a will and that an average of 85% of the wealth of Canadians with a will remain in the family:
60% of assets are designated to children.
25% of the assets will go to other family members.
3% will go to friends and charities, respectively.
“These results reflect the strength of the family unit in Canada,” says Sara Plant, vice president and national director, BMO Harris Private Banking. “It’s clear that Canadians are looking beyond having enough funds for their lifetime. They place great importance on leaving a legacy and planning financially for their family’s future.”
