The Great Wealth Transfer

Over the next 10–20 years, we will experience one of the largest transfers of money in history—an estimated $1–2 trillion in Canada alone as Baby Boomers pass on their wealth to the next generation. For many families, this may be the single biggest financial event of their lifetime. With so much at stake, it’s not just about what gets passed down, but how.

Without thoughtful planning and open conversations, inheritances can create problems. Families may experience financial stress, conflict, or even fractured relationships. Many families avoid conversations about money because it feels uncomfortable, emotional, or even taboo. But silence can leave the next generation unprepared to handle wealth when it arrives. I’ve seen the consequences: heirs who overspend, mismanage, or make rushed decisions; siblings who argue or flat out stop talking; and wealth that disappears as quickly as it arrives.

Families who talk openly about their estate plans set their children up for success. Sharing the thought and care you put into structuring your estate helps your kids understand the plan and makes the eventual inheritance more meaningful.

In my practice, I often work with two or three generations of the same family. This multi-generational approach makes the planning process smoother, helps carry family values forward, and teaches the next generation how to manage wealth responsibly. When beneficiaries are informed and guided, the chances of preserving both wealth and family relationships across generations are much higher.

Not everyone wants to leave behind a large inheritance. Many clients prefer to enjoy their wealth during their lifetime—through travel, experiences, or gifts to loved ones. Even then, I encourage open dialogue with family. Of course, careful planning is essential to account for taxes, estate costs, and longevity, so you can enjoy your wealth without running out.

I’ve helped many clients structure financial gifts for their children or grandchildren so they can see their money being enjoyed while they’re still alive, which is always rewarding—both for me and for the clients doing the gifting. This strategy requires careful planning to make sure it won’t affect the client’s long-term financial security, and to ensure their loved ones use the money in ways the client feels good about. Seeing the joy it brings makes the planning feel real and purposeful for everyone.

A few points to keep in mind:

• Without planning, the government can become one of the biggest beneficiaries of your estate through taxes and other fees.
• Estate disputes are one of the leading causes of family conflict. Planning protects both money and relationships.
• Charitable giving can be built into your estate plan, allowing you to leave a meaningful impact and often reduce taxes at the same time.
• Planning is rarely done in isolation—I rely on and often work alongside lawyers and accountants to make sure everything fits together.

The Great Wealth Transfer will reshape many families’ financial futures. With preparation and open dialogue, your wealth can become a true legacy. Without it, even the best intentions can lead to stress, conflict, and loss.

Feel free to share this article with your children, parents, or anyone navigating these changes. Helping your family understand the plan is often more valuable than the money itself.

The comments contained herein are a general discussion of certain issues intended as general information only and should not be relied upon as tax or legal advice. Please obtain independent professional advice, in the context of your particular circumstances. This blog was prepared by Amanda Ashwood, for the benefit of Amanda Ashwood, Financial Planner with Crawford Ashwood Financial, a registered trade name with Investia Financial Services Inc., and does not necessarily reflect the opinion of Investia Financial Services Inc. The information contained in this blog comes from sources we believe reliable, but we cannot guarantee its accuracy or reliability.