By Tracy Sherlock, Vancouver Sun October 19, 2012
It has been estimated that Canadian baby boomers stand to inherit approximately $1 trillion over the next two decades. Despite the sheer magnitude of this expected transfer of wealth, close to half of all Canadians haven’t formally set out their wishes for after they die, and just 56 per cent of Canadians have a will, according to a BMO study.
“It’s really an unfortunate occurrence when someone dies without a will. It’s really unfair for the family members because it’s time, it’s extra cost and it’s an added responsibility for the people you’ve left,” said Sara Plant, vice-president and national director for BMO Harris Private Banking.
The same study found that most people with a will are leaving the lion’s share of their assets to their children, but some will go to other family members, friends and charities. (more…)