There are many different types and structures of families and households across Canada, including married and common-law couples, couples with or without children, lone-parent, adoptive, blended and multi-generational, to name a few. Beyond these more structural classifications, you and your family will have your own unique circumstances, dynamics, values and beliefs that contribute to your planning goals and needs. All combined, these aspects may also play a significant role in how you approach the topic of wealth transfer.

When it comes to communication across generations, there can be a tendency to overlook the importance of family dialogue as part of a wealth transfer plan. Some may not be comfortable sharing details of their wealth transfer plans with their intended beneficiaries while others may not be open to disclosing any information related to their plans or intentions. In situations where there’s limited or no proactive communication, the risk for misunderstanding and a lack of clarity increases, which can lead to a range of potential issues for family members during a wealth transfer.

Establishing communication that’s right for your family

Understandably, everyone has a different comfort level when it comes to discussing estate and Will plans with family members, but there is also a wide range of communication strategies that can be used. Whether you lean more towards keeping discussions broad or whether you prefer to disclose more details of your plans, an effective approach to consider is holding a regular family meeting. 

Key benefits of family meetings

• Providing financial learning for all parties involved.
• Encouraging open and ongoing dialogue among family members.
• Providing the opportunity for those involved to gain a better awareness of your wishes and intentions, and why you’ve made certain choices.
• Decreasing the likelihood of conflict or uncertainty in estate administration or if a situation of incapacity were to arise. 
• Helping ensure loved ones don’t get left in the dark as to what you may have wanted or intended, and why. 
• Keeping family members updated on any potential changes to your plans or pertinent documents.

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