Though almost a third of the children know that they are included in their parents’ will, they do not know exactly what they will receive; while 17% are not even aware that they are in the will at all.
85% of the wealth of Canadians with a will is stated to remain in the family, with 60% of assets being designated to children, 25% of the assets designated to other family members and 3% designated to friends and charities, respectively.
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Among the parents whose children are in their will, more than two-thirds said that their children’s inheritance will be held in trust until the children reach a certain age, while 53% said that their children will receive their inheritance in one lump sum.
Sara Plant, vice president and national director, BMO Harris Private Banking remarked, "These results reflect the strength of the family unit in Canada. 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."
Other findings include 60% of Canadians without a will intending to draft one in the future, more than one-third citing a general need to plan for the future as a reason to draft their will and 48% of Canadians having assets held in joint ownership as part of their estate planning strategy.
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