Did you know that more than half of all Canadians expect to leave wealth for their children and other family when they die? Have you ever wondered why they wait?
According to a new survey from CIBC, 51 percent expect to leave their wealth for their children and other family once they pass.
The reason for holding off is to avoid conflict. The survey shows that transferring the family cottage or other property to children while they are still alive can cause tension between the two generations as their views on how the property should be used could clash.
Other areas sparking disagreement when it comes to inheritance include the use of trusts for inheritance, with children taking their share as their parents believing they won’t use the money wisely; giving to charity; and measures taken to avoid the legal process of administering the estate of a deceased person.
The poll also shows that 79 percent of Canadians have not discussed inheritance with a professional advisor.