A historic wealth transfer is underway, but many Canadians aren’t ready.

Canadians are currently experiencing the largest intergenerational wealth transfer in our country’s history. However, more than half are entering this transition without a plan. A recent IG Wealth Management study found that more than half lack an estate plan, leaving their final wishes and loved ones vulnerable.

“It’s concerning that so many are unprepared for their future,” said Christine Van Cauwenberghe, head of financial planning at IG Wealth Management.

“A properly constructed estate plan can help ensure that you’re prepared for your passing and that your wealth is distributed according to your wishes in a tax-efficient manner. This is especially critical as we navigate the greatest wealth transfer in Canadian history.”

To ensure that your wishes are carried out as you intended, including components such as a will and health care directive, as well as naming beneficiaries, purchasing life insurance and designating a power of attorney in your estate plan is crucial.