Wealth transfer needs more attention, Money Wise says

A new national study from the Money Wise Institute reveals a growing communication gap between Canadian parents and their children over inheritance, wealth transfer, and financial expectations.  

As reported in The Age of Broken Conversations, the research highlights that 80 percent of parents intend to leave an inheritance, but 52 percent have not talked to their children about it. 

According to the report, 51 percent of Millennials and Gen Z expect to inherit wealth, yet 80 percent remain uncertain about the amount or timing.  

With the recent introduction of 25 percent tariffs on imported vehicles and other goods, families are feeling increased financial strain, which is shifting how they think about legacy, inheritance, and financial responsibility. 

“We’re about to witness the largest wealth transfer in Canadian history—but families aren’t talking about it,” said Kelley Keehn, CEO and co-founder of Money Wise Institute and author of Talk Money to Me.  

She noted that “this silence is creating financial stress, broken expectations, and missed opportunities for both families and the financial professionals who support them.” 

Disconnect across generations 

According to the survey, several key intergenerational divides emerged. About a quarter of parents worry their children will not manage the inheritance responsibly, while 21 percent feel guilty prioritizing their own financial needs over leaving money to heirs.  

Among younger generations, most of Millennials and Gen Z (67 percent) would prefer to have open conversations about inheritance now. However, 64 percent do not currently have a financial advisor, and 34 percent do not trust advisors.  

Despite this, 67 percent say they would be willing to switch from online financial tools to a human advisor if it meant lower fees and more personalized service. 

Gary Teelucksingh, co-founder of Money Wise Institute and former global financial services CEO, added that “inheritance isn’t just a financial transaction—it’s emotional, personal, and often tied to identity, values, and legacy.”  

He said financial professionals need tools and training to guide these conversations with empathy and expertise. 

Why it matters: Lessons from real-life failures 

According to Forbes, a number of high-profile estate planning failures illustrate what can happen when communication and legal planning are absent.  

When Prince died in 2016 without a will, it triggered a lengthy legal battle over his estimated US$300m estate.  

Similarly, Aretha Franklin’s family spent years in court after several handwritten wills were found in her home posthumously. 

Another example includes Sonny Bono, whose estate was subject to unexpected claims, including one from a previously unknown child, after he passed without a will. 

In an article by Wealth Professional in partnership with Beneva, advisor Andrew Gardiner emphasized that failing to plan an estate can lead to substantial financial erosion through taxes, probate fees, legal delays, and public disclosure.  

Gardiner noted that most Canadians underestimate the extent to which their wealth can be diminished without proper planning.  

As Canada faces an unprecedented intergenerational wealth transfer, he argued that estate planning has become the key differentiator for comprehensive advisors, particularly when helping baby boomers protect and pass on their legacy effectively.