Young More Philanthropic In Wills
Updated: Aug 2
Younger Canadians are more philanthropic when it comes to estate planning and are more likely to give instructions on how their digital assets should be handled after their death, says a survey for RBC Royal Trust. Among those with a will, more than half (53 per cent) of Canadians ages 18 to 34 and one quarter of 35 to 54 year olds have requested to include charitable giving compared to just 13 per cent of those 55+. It also reveals that for digitally connected generations with multiple social accounts and online profiles, younger Canadians (ages 18 to 34, 48 per cent; and ages 35 to 54, 40 per cent) are more likely to direct their executor on how to handle their digital assets after they die, compared to one in three who are 55+. This can help avoid awkward or even fraudulent situations after someone has passed away. Perhaps unsurprisingly, these younger Canadians are also significantly more likely (ages 18 to 34, 19 per cent; and ages 35 to 54, 23 per cent) to prefer facilitating their wills online.