In the coming years an estimated four trillion dollars in wealth will transfer across Generations in Canada the UK and the US.
But are we ready? Our study found both inheritors and benefactors are unprepared.
In fact only 26% of benefactors surveyed have a full wealth transfer strategy in place.
And just 35% of inheritors say they are prepared to receive wealth.
So while many people are making initial arrangements like writing wills, one and three have done nothing at all to prepare.
What we found was a direct correlation between preparedness and confidence.
For those with a full wealth transfer plan 58% are confident the next generation will sustain their wealth.
For those with no preparations only 33% are confident their wealth will endure.
When it comes to building financial confidence it pays to start early.
Those starting with financial education before age 18 are the most confident.
However, our study found education typically does not begin until age 27 and it tends to be informal and led by family members, despite the fact that almost four of five respondents found Financial education led by professionals to be effective.
So, how can you preserve and protect your legacy? Important steps can be taken to ensure a confident transition of wealth including preparing yourself, your heirs, and your financial affairs.
Before you transfer wealth transfer your knowledge and supplement it with professional financial education.
Your legacy is about more than wealth the steps you take today will lay the foundation for a legacy that lasts
RBC Wealth management - Grow more than wealth]
[rbcwealthmanagement.com/wealthtransfer - Download the full report]
[Wealth Transfer Report 2017]
[Lasting legacy - insights into giving and inheriting wealth across generations]
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