Why your family should be part of your estate planning conversation
Discussing wealth planning with loved ones today can ensure a smoother, more secure future tomorrow
When it comes to managing wealth, few conversations are as important – or as impactful – as those surrounding how it will be passed on. These aren’t just financial discussions; they’re deeply personal ones, tied to values, long-term goals and the legacy you leave behind.
“Intergenerational wealth planning isn’t just about assets – it’s about communication,” says Harrison Brown, CFA, B.Sc., Portfolio Manager at Alitis Investment Counsel. “Families that involve their loved ones, their executors, and their financial professionals early on are far more likely to achieve the outcomes they want.”
That’s why Brown encourages families to have proactive, open conversations about their finances and estate plans. From ensuring your documents are current to understanding how investments are passed down, the key to success often lies in communication.
Brown adds that in B.C., there are three key documents everyone should be reviewing regularly: a will, a power of attorney, and a representation agreement. He recommends updating these every three to five years, or any time a major life event occurs, such as a marriage, divorce, move, death or birth.
“One area we see families overlook is the legal side of their financial planning,” Brown says. “Outdated documents can cause major issues down the road – especially for blended families, where the risk of accidental disinheritance is higher if a will isn’t up to date.”
In addition to keeping those documents current, it’s also important to understand how assets like Tax-Free Savings Accounts (TFSAs), Registered Retirement Savings Plans (RRSPs), and Registered Retirement Income Funds (RRIFs) are structured. In some cases, these investments can be passed directly to beneficiaries – and potentially tax-free – if set up properly.
“Many people don’t realize that the way you name your beneficiaries can significantly impact taxes and inheritance,” Brown explains. “A quick review with your financial professional can ensure your plan is both efficient and aligned with your wishes.”
These planning discussions are also a powerful opportunity to build financial literacy and confidence across generations.
“We often encourage clients to bring their adult children or executors into a meeting with us,” Brown says. “Even one conversation can go a long way in helping them feel prepared and informed. It also opens the door for the next generation to ask questions and learn from the experience.”
Whether you’re preparing for retirement, helping aging parents organize their estate, or building a long-term plan for your own family, Alitis can help guide those conversations in a thoughtful, respectful and professional way.
“Our role is to help families make confident, informed decisions and feel supported throughout the process,” Brown adds.
Find out if The Alitis Approach is right for you, call 250-287-4933 or email info@alitis.ca. Find them in Campbell River at 101-909 Island Highway, the Comox Valley at 103-695 Aspen Road, in Victoria at 1480 Fort Street, or online at alitis.ca. If you are seeking in-depth financial planning, including estate, investment, and retirement planning, we provide personalized solutions through our related firm, Alitis Wealth Planning Inc.
Our Team at Alitis
Our dedicated team at Alitis has over 250 years of collective industry experience. But what makes us unique is the high level of integrity that every team member brings to the table.
Along with experience and integrity, each team member at Alitis shares the same commitment to our clients. At the end of the day, we measure our success based on the success of you reaching your financial goals.
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