More than half of Canadians (53%) are expecting to be left an inheritance in a will and, of those who believe they know the size, 57% expect the value will be over $100,000. However, according to the latest research from Investors Group, the estimated $1 trillion dollar transfer of wealth forecast to occur in the next 20 years may result in fallen expectations for some.
While nearly half of Canadians who have already received an inheritance prefer not to disclose the size, those who indicated the amount received an average of $57,000. One in five who have already inherited said they received $100,000 or more, while one quarter received less than $5,000.
Nearly half of Canadians aged sixty or more are concerned they are going to need their savings to fund their retirement and won’t have money left to give to their survivors. Significantly, only one-quarter are willing to make personal sacrifices to ensure an inheritance for their family.
The poll reveals that many families are not taking the time to discuss or deal with inheritance issues. Around 40% of Canadians whose parents have a will say they have not discussed the terms of the will with their parents, while 61% of Canadians with deceased parents who had a will, admit they never had the talk.
Interestingly, those who have discussed will and estate details with family members indicate it was not a difficult conversation. Around 30% said the discussion was very easy, while only 3% said they found it very difficult.