Wed, 11/06/2014 - 13:11
An estimated CAD1 trillion, or more, is positioned to change hands in Canada over the coming years as baby boomers age and assets begin to transfer to younger generations.
The country's high-net-worth population alone held close to CAD900 billion in investable assets in 2013, according to RBC Wealth Management, and with improving economic conditions that figure is likely to grow.
This impending transfer of wealth is putting the onus on baby boomers to ensure that their estate plans are crystal clear about how a lifetime of hard-earned assets are to be managed upon their passing.
"No one likes to think about death, let alone build an actual plan around that fateful day," says Tony Maiorino, vice-president and head, RBC Wealth Management Services at RBC Wealth Management. "But one of the most important financial decisions you can make during your lifetime is to take the time to develop a well-thought-out estate plan to ensure assets are seamlessly transferred according to your wishes."
A new report by RBC Wealth Management - Until Death Do Us Part … Then Everything Can Change - explores the critical role a surviving spouse plays in managing and maintaining family wealth for future generations.
"We find that when we talk to couples about estate planning, most of them naturally focus on their kids," Maiorino says. "Children are an important part of the decision-making process, no doubt, but a comprehensive estate plan needs to consider an important step before the kids, and that's the surviving spouse."
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