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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:

Email your clients: Be prudent about trusts

Are women more charitable than men?

Avoid these celebrity estate planning mistakes

Originally published on Advisor.ca

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