As the seasons shift into Spring and Summer, many people start thinking about getting away and enjoying the warmer weather. For many, that includes being intentional about time spent with family and making the most of those moments together as the years go on.
As I watch my daughters scootering around on the driveway, I find myself thinking about their futures and becoming more mindful of my own planning. How will I prepare them, and include them, in my planning as we age and our relationship and roles in each other’s lives evolve? I also wonder about my own parents, and if there is anything I can do to support their planning, while still respecting their independence. Whether you are in your golden years and making plans you wish to share with your loved ones, or you have aging parents who have not shared their plans with you yet, these conversations can sometimes feel a bit sensitive for everyone involved – especially when there is a potential for wealth transfer.
This is particularly relevant today, as Canada is in the midst of one of the largest intergenerational wealth transfers in history, with over $1 trillion expected to move between generations in the coming years. At the same time, a growing share of the population is now over the age of 65. Despite this, many families have not had open conversations or established clear plans, which can lead to added stress when important decisions need to be made.
It’s not always necessary to wait for the “right” or formal moment to have these conversations. Often, they can come up naturally through day-to-day conversations, shared moments, or something that simply sparks reflection. For people struggling with bringing up the topic, the key can be to not address everything all at once, but to gently open the door so the discussion can evolve naturally over time. My Uncle John once told me to “Start with respect and try to avoid sounding like a parent to your own parent.”
One of the most important topics to cover is ensuring essential documents are completed and up to date, including a Will and Powers of Attorney (both for Property and Personal Care). It is also valuable to have a clear understanding of where key documents like these and important personal and financial information is kept. Pulling this together (such as banking details, insurance documents, and contact information for professionals involved in their affairs) in a simple, organized summary can help things run more smoothly when it matters most.
Final Thoughts
Watching loved ones navigate the aging process has a way of putting time into perspective, and forces you to consider your own mortality, and the possible legacy or gifts you want to leave to the next generation. Whether it is considering your options to age at home, specific preferences you have for ongoing personal and medical care or deciding who you would want making decisions on your behalf, thoughtful planning today can bring clarity and peace of mind for everyone involved and help avoid uncertainty down the road.
At Thomson Financial Partners, we are happy to support you and your family through these conversations.
Understanding Financial Wellness
CTV News – How to Talk to Your Parents About Money
The Financial Flip – How Do I Help My Parents Manage Their Money
Fortune: The Great Wealth Transfer
A Note from Thomson Financial Partners
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