RBC Wealth Management surveyed three types of ultra and high-net worth families based in the US, Canada or the UK.

Single-parent families are most likely to have a full wealth transfer plan in place, according to new data from RBC Wealth Management.

RBC Wealth Management surveyed 1,770 nuclear families - those consisting of two parents and their children - 219 single parents and 274 blended families, which are families made up of two parents and their children from previous marriages. All respondents cited in RBC's 2017 Wealth Transfer Report were high and ultra-high net worth families and were based in the US, Canada and the UK.

Around 38 per cent of single-parent families have a full wealth transfer plan in place, which makes them the most prepared family group for wealth transfer and most confident group regarding financial matters.

Nuclear families were found to be the second-most financially prepared, as 26 per cent say they have a full wealth transfer plan in place.  

In last place were blended families, as only 24 per cent say they have a full wealth transfer plan in place.

“Society’s diversity is reflected in the diverse family configurations we see today,” said Angie O’Leary, head of wealth planning at RBC Wealth Management US. “It can be extraordinarily difficult to plan for the next week much less for something that won’t happen for years to come, but for families with complex structures, it’s all the more important to begin the process sooner than later.”

She added: “Single-parents may have little choice to take the lead, but their hands-on approach still sets them apart from other family structures. All families should start thinking about the security of family assets early, and review their plans regularly.  The right preparation enables inheritors to better evaluate their financial options, reducing the risk of wasteful decisions and misspent inheritances."