More than half of Canadians in their 50s have received or are expecting to receive money from their parents and in-laws, according to the results of an RBC poll.

As a result of the largest and most anticipated transfer of wealth in history, many boomers say they will do things differently than their parents when it comes to bequeathing their wealth.

“Boomers are expected to inherit up to $1 trillion from their parents,” says Mike Reed, head, retirement and affluent client strategy, RBC. “Given the enormous amount of wealth that will change hands within the next decade, this transfer needs to be managed effectively through proper planning, particularly as people head into retirement.”

Approximately three in five respondents in their 50s expect to give money, during their lifetime, to their own adult children. Of those, 69% say they will do so because they want to see their children enjoy their lives.

While a majority of those in their 50s expect to give money to their adult children, nearly one in 10 respondents say that they would not, believing that their children need to earn their own way or wait until their parent dies. Other respondents say that they will need the money themselves or that their children do not handle money very well.

Although Canadians in their fifties have considered who will benefit from their accumulated wealth, three-in-10 feel that they have not given enough consideration to their legacy. When contemplating their legacy, seven in ten respondents feel strongly that they want to be remembered as a person who enjoyed time with their family. This family focus is also reflected in the finding that four in five of those in their 50s believe that their children are their legacy.

Despite their family orientation, boomers are not confident that their efforts to support them will be sufficient, only one-in-five respondents in their 50s believe they have done enough to make sure that their family will be okay.

“One message that came through clearly in our research is that, for most people, family comes first – and this finding is echoed in our experience with clients who participate in our retirement life planning program Your Future by Design,” says Reed.

The RBC Retiring Boomers Poll was conducted by Ipsos Reid from August 3 to 8. The online survey was based on responses from 1,225 adult Canadians between the ages of 50 and 59 with household assets of $100,000 or more.