Are you ready for the great wealth transfer? Many Canadians aren’t

Just 41 per cent of Canadians have had discussions with loved ones about their end-of-life wishes and only half of those who are married have discussed their own wishes and know their spouse’s or family’s wishes. Photo by PNG Merlin Archive

Canadians are in the midst of a $1-trillion wealth transfer between generations, but most still aren’t prepared for it.

A bit more than half of Canadians have a will, but that number shrinks to 10 per cent of gen-Zers and 29 per cent of millennials, according to a new report by Willful.

“The assumption that planning is only for ‘later in life’ is leaving younger generations exposed, even as they juggle mortgages, children, and debt without safeguards in place,” the report said.

Just 41 per cent of Canadians have had discussions with loved ones abo