Most of the time financial talk centres on topics such as saving for retirement or paying for university for the kids. But, one topic that floats around without much attention is inheritance.
Most parents probably harbor a desire to leave a little for the kids. And for high net worth individuals, this can be a substantial amount of money. Yet, even those skilled at making or accumulating money don’t do much of a job of preparing to pass it along to the next generation – either preparing themselves or their children. In fact a large percentage don’t even have a will.
One recent report says 60-percent of the high net worth individuals surveyed in Canada, the US and the UK were concerned their kids wouldn’t preserve or build the wealth they inherit.
Then there’s the other side….many parents don’t share their own financial position with the kids. Fewer than one-in-four are comfortable sharing financial information with their children, even though three-quarters say the kids will be the principal beneficiaries.