Over half of Canadians have clearly outlined their intentions for their estates with a will, according to a recent study by BMO Harris Private Banking.

Of those people who have a will, 60% of the assets are left to their children, 25% to other family members and 3% is set aside for charities and friends. While many people have written out their intentions they have yet to inform their heirs. The survey reveals that only 17% of children realize their parents intend to leave them something, which could be an issue for the family.

For a successful wealth transfer, people need to let their heirs know about their intentions, says Sara Plant, vice president and national director, BMO Harris Private Banking. The 17% of people who are not doing so risk creating problems down the road.

“The more [the heirs] know ahead of time of what [the person’s] thoughts are and [their] intentions are the more they will be ready to receive that when the time comes,” says Plant. “When that 17% doesn’t know what to expect from their family’s estate, that’s where you can meet with unmet expectations and challenging family dynamics and potential litigation.”

The study also reveals that of those people leaving assets to children more than two-thirds say the inheritance will be held in trust until the children are of a certain age. One-third of those keeping money in trust said the assets would be held until the children were between 22 and 30 years old.

For advisors, the study emphasizes that while many people have a written will, there is also a large percentage without, says Plant. As such, advisors need to have conversations on estate planning with all clients, regardless of their age or life stage. “As soon as an individual has a financial planner odds are they have assets,” she says, “which means that they should have a will.”

Advisors should also make sure they have a strong centre of influence network of lawyers and accountants, says Plant, to make sure clients receive proper advice and support for their estate plans.

The survey was conducted by Pollara and is a sample of 1,004 Canadians aged 18 years and older. This type of sample yields accurate results +/- 3.1%, 19 times out of 20.