Preserve your wealth across generations with wealth transfer planning

Over $3.2 trillion is expected be passed down to inheritors in the United States within a generation. Yet, despite benefactors wanting to preserve that wealth for their descendants, it's commonly observed by those in the industry that family wealth rarely lasts across multiple generations.

At RBC Wealth Management, we surveyed over 1,200 Americans with an average net worth of US$4.3 million to see how prepared families are to give and receive wealth—and we discovered that most people are woefully unprepared for either scenario.

 

The education gap

Despite concern among benefactors that their heirs would not have the financial acumen to preserve and grow family wealth, 48% of respondents rely on family members to educate their inheritors. While financial conversations with your heirs are important, this informal approach alone isn’t as effective as tapping outside resources like your financial advisor, tax advisor and private banker to help educate your heirs. Additionally, the majority of heirs surveyed reported that they lacked key details on their inheritance, despite having talked to their benefactors in advance. For instance, only 31% were informed how their benefactors wanted them to use the assets they were inheriting.

Wealth transfer plans

Many people have a will in place—but a will is just the beginning. Our research reveals that only 30% of benefactors have a comprehensive wealth transfer plan in place. With relatively few people ready for wealth transfer, there’s no time like the present to think about how to pass on your legacy.

Download the report

We encourage you to download the 2017 Wealth Transfer Report: Lasting Legacy for more insights into giving and inheriting wealth across generations. Then contact us to discuss how we can put a comprehensive wealth transfer plan in place and work together to make sure your heirs are well-prepared to carry on your legacy.
 

Learn more about wealth transfer

As part of our continuing series, we invite you to download the reports below to learn more about wealth transfer and:

Women

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Business Owners

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Millennials

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Families

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