Summer is often one of the few times each year when the whole family is in the same place. Children come home, grandchildren visit, and families gather at cottages, cabins, or around the backyard.
Most families do not want to spend that time talking about estate planning. But there is a practical opportunity here.
When families are together, it can be easier to have conversations that are often postponed during the rest of the year—not the technical details, but discussions about intentions, responsibilities, and expectations.
For families with significant assets, this matters.
In Canada, we are in the middle of the largest intergenerational wealth transfer in history, with approximately $1 trillion expected to move from one generation to the next over just within a decade.
A family may have investment portfolios, real estate, private company shares, and a cottage that carries both financial and emotional value. The planning around those assets may be well thought out, but that does not mean the family understands it.
That gap can create problems.
Research suggests these gaps are not uncommon. Nearly 40% of individuals report disagreements with family members about inheritance decisions, often tied to expectations that were never clearly discussed.
An executor may not know they have been named. A child may assume the cottage will be kept, while another assumes it will be sold. One person may expect an equal division, while another believes certain assets have already been promised. None of these situations are unusual — they show how easily assumptions build over time. Many estate professionals observe that conflict is often less about money and more about communication.
When expectations are unclear or conversations are avoided, small assumptions can turn into larger disputes. The goal is not to settle every question over dinner. Rather, it is to begin the conversation before decisions must be made during illness, grief, or conflict.
Estate administration itself can be complex and time-consuming. In many cases, ittakes well over a year to settle an estate, with significant responsibilityplaced on the executor.
For retirees, this may mean ensuring children know who the key advisors are and where important documents are kept. For business owners, it may mean explaining whether the business is expected to continue or be sold. For cottage owners, it may mean asking whether the next generation wants the responsibility that comes with the property.
Cottages and recreational properties are often among the most contentious assets in an estate, given both their financial value and emotional significance.
These are not always easy conversations, but they are often easier when life is calm. As estates become more complex, the risk is not poor planning, but a lack of shared understanding.
A good plan is not only about the documents. It is about making sure the people involved understand the plan well enough to carry it out. Summer gives families something valuable: time together. Used thoughtfully, that time can help protect both the wealth and the relationships behind it.
If this summer presents an opportunity to begin these conversations, even in a small way, it can make a meaningful difference later. If you would like guidance on how to approach these discussions or ensure your plan is clearly understood, we are always available to help.
