{"id":1054,"date":"2024-02-27T11:47:00","date_gmt":"2024-02-27T15:47:00","guid":{"rendered":"https:\/\/www.bellvest.ca\/family-wealth-mississauga\/resources\/family-day-how-do-you-define-legacy\/"},"modified":"2025-09-02T11:41:59","modified_gmt":"2025-09-02T15:41:59","slug":"family-day-how-do-you-define-legacy","status":"publish","type":"resources","link":"https:\/\/www.bellvest.ca\/family-wealth-mississauga\/resources\/family-day-how-do-you-define-legacy\/","title":{"rendered":"Family Day: How Do You Define Legacy?"},"content":{"rendered":"
\n

\u201cIt\u2019s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.\u201d
<\/span><\/em>\u2014Robert Kiyosaki<\/span><\/h3>\n<\/blockquote>\n

<\/p>\n

According to RBC Wealth Management<\/a>, the Canadian baby boomer generation is slated to transfer an astounding $150 billion to their heirs as early as 2026. In all likelihood, you\u2019re part of this movement of generational wealth, but the question is: how can you best prepare yourself, your family, or even your clients for this change and define your legacy?<\/p>\n

The best way to influence the future is to engage with it today. Here are a few ways to think about what kind of legacy you want to establish for your family.<\/p>\n

The Largest Wealth Transfer to Date<\/span><\/h3>\n

While the $150 billion is nothing to scoff at, the Canadian wealth transfer is dwarfed by the U.S. projection\u2014nearly $68 trillion <\/em>is set to transition from one generation to the next.<\/p>\n

The sheer volume of value changing hands is intoxicating, and without proper planning, it could be damaging. There\u2019s a reason why lottery winners often burn through their cash: they\u2019re just not prepared for the sudden change. You, on the other hand, can be.<\/p>\n

Family Day Discussions<\/span><\/h3>\n

To define your legacy is to admit that you won\u2019t be around forever, and that\u2019s not exactly an easy thing to think about.<\/p>\n

Preparation is a great ally when it comes to inheritance, and transparency is the key ingredient for knowing what to expect. With Family Day recently passing by, this is a reminder that there\u2019s always an opportunity to broach these topics with your heirs.<\/p>\n

People are understandably apprehensive about these important conversations, and it may have something to do with popular culture. Think back to your favourite movies that involve inheritance\u2014they\u2019re purposefully dramatic, with the head of the family only opening the discussion in their final moments.<\/p>\n

It creates a high-stress environment, which is great for television, but not so much for real-life applications when the family is already dealing with quite a bit. Hollywood takes liberties, but preparation takes time.<\/p>\n

Take Time<\/span><\/h3>\n

Rather than drop everything all at once, dole it out over time. By easing your heirs into the discussion, you can soften the concept and replace distress with reason.<\/p>\n

Introduce what you want to leave behind gradually, and revisit the conversation often. While every family is different, here\u2019s a theoretical playbook:<\/p>\n

    \n
  1. \n

    \u201cWhat\u2019s important to you? What could I do to make that a reality?\u201d<\/em><\/p>\n<\/li>\n

  2. \n

    \u201cWhere do you see yourself in 20 years? Where do you want to be? How could I help bridge that gap?\u201d<\/em><\/p>\n<\/li>\n

  3. \n

    \u201cWhat aspect of my life or achievements do you value?\u201d<\/em><\/p>\n<\/li>\n

  4. \n

    \u201cHow can I prepare you for your inheritance?\u201d<\/em><\/p>\n<\/li>\n

  5. \n

    \u201cDo you even want the cottage? Can you afford it?\u201d<\/em><\/p>\n<\/li>\n

  6. \n

    \u201cHow will we divvy up my rental properties? Who will handle the tax liability?\u201d<\/em><\/p>\n<\/li>\n

  7. \n

    \u201cDo you know how to access my important financial documents?\u201d<\/em><\/p>\n<\/li>\n

  8. \n

    \u201cLet\u2019s talk about what happens when I\u2019m no longer here.\u201d<\/em><\/p>\n<\/li>\n<\/ol>\n

    Again, each family has its own circumstances. Some might need to consider how to handle the cottage; others might be more concerned about continuing the family business. But the point stands\u2014imagine how that jarring final statement would be without any of the previous questions being asked.<\/p>\n

    Warming up your family to the idea has several benefits, such as helping them anticipate the change, plan for the future, and uphold your wishes.<\/p>\n

    It may even change your decisions for the better. These conversations are more than just a chance for your heirs to prepare for the future; they\u2019re a chance for you to do the same thing. If you know one of your children isn\u2019t interested in the family cottage (question #1) and sees themselves travelling the world (question #2), it wouldn\u2019t make much sense to leave them a property they won\u2019t use as much as their sibling (question #3).<\/p>\n

    Defining Your Legacy<\/span><\/h3>\n

    We\u2019ll do our best to avoid the somewhat clich\u00e9 (but timely) statement that \u201cthere\u2019s no better day than Family Day\u201d to discuss your family\u2019s future because, in reality, any day is a good day to start.<\/p>\n

    In your later years, circumstances change, and you’ll need to consider your income requirements as well as tax implications. These are topics for another day, but in the spirit of this article, they\u2019re concepts that should be discussed openly with your family\u2014the best stories typically take place when all the main characters are on the same page.<\/p>\n

    We\u2019re here to help you write one that you and your loved ones can be proud of.<\/p>\n

    <\/blockquote>\n","protected":false},"featured_media":2116,"template":"","resources-categories":[20],"resources-type":[7],"class_list":["post-1054","resources","type-resources","status-publish","has-post-thumbnail","hentry","resources-categories-wealth-planning","resources-type-blog-post"],"yoast_head":"\nFamily Day: How Do You Define Legacy? - Mississauga Family Wealth Advisors<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bellvest.ca\/family-wealth-mississauga\/resources\/family-day-how-do-you-define-legacy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Family Day: How Do You Define Legacy?\" \/>\n<meta property=\"og:description\" content=\"\u201cIt\u2019s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.\u201d \u2014Robert Kiyosaki\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.bellvest.ca\/family-wealth-mississauga\/resources\/family-day-how-do-you-define-legacy\/\" \/>\n<meta property=\"og:site_name\" content=\"Mississauga Family Wealth Advisors\" \/>\n<meta property=\"article:modified_time\" content=\"2025-09-02T15:41:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.bellvest.ca\/family-wealth-mississauga\/wp-content\/uploads\/sites\/21\/2025\/09\/family-day_-how-do-you-define-legacy.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.bellvest.ca\\\/family-wealth-mississauga\\\/resources\\\/family-day-how-do-you-define-legacy\\\/\",\"url\":\"https:\\\/\\\/www.bellvest.ca\\\/family-wealth-mississauga\\\/resources\\\/family-day-how-do-you-define-legacy\\\/\",\"name\":\"Family Day: How Do You Define Legacy? 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