When it comes to wealth transfer, most Americans have been and continue to be woefully unprepared, according to new research by RBC Wealth Management conducted in collaboration with Scorpio Partnership.
Less than one-third (30 percent) said they have a full wealth transfer plan in place and 30 percent of Americans surveyed said they've done nothing to ready for the transfer of their estate to their heirs.
Many of these same individuals report receiving no specific preparation themselves when they inherited their wealth. In fact, only 37 percent of American inheritors had conversations with their benefactors about their inheritance before receiving the assets.
“It's a trend that appears to repeat itself generation after generation," said Tom Sagissor, president of RBC Wealth Management-U.S.
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The report is produced by RBC Wealth Management, an affiliate of City National Bank, member FDIC. City National Bank (CNB) is an affiliate of RBC Wealth Management and an indirect wholly owned subsidiary of Royal Bank of Canada. The report is provided for informational purposes only and is not intended to be either a specific offer by CNB to sell or provide, or a specific invitation to apply for, any particular financial account, product or service of RBC Wealth Management.
The information contained in the report is not intended, and should not be construed, as professional advice or opinion provided to the user, nor as a recommendation of any particular approach. This document is not intended to be an invitation to effect a securities transaction or an offer or solicitation for investment advice.
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