No one likes to think about their own mortality, but making a proper estate plan can help to lessen the grief of loved ones left behind. Alternately, without a written estate plan, surviving family members are often saddled with the responsibility of making estate decisions without a clear understanding of the deceased’s wishes.
With many Baby Boomers now moving into their sunset years, the growing concern is how they will efficiently and effectively plan for the transfer of their wealth to the next generation?
A recent survey by RBC Wealth Management estimated that the amount of money changing hands over the next twenty years is about $400 billion. Yet, only 22 per cent of wealthy Canadians have a detailed Estate Plan on how they plan to pass on their assets according to this survey.*
Many people have no idea. Some people have a vague idea. A few people, a very few, have it all worked out. When it comes to retirement planning, many people do not take action until forced to by a mid-life event (career change, death of loved one) or by hearing about seniors running out of money.
