Over the next two decades, we’re about to witness one of the largest transfers of wealth in history.

For many families, this won’t just be a transfer of money.

It will be the transfer of businesses, cottages, investment portfolios, real estate, and family legacies.

The question isn’t whether it’s happening.

The question is whether families are prepared for it.

What Is the Great Wealth Transfer?

As Canadians age, an unprecedented amount of wealth is expected to move to the next generation.

According to  Cerulli Associates, an estimated $124 trillion (USD) is expected to be transferred globally through 2048, making it the largest intergenerational wealth transfer on record. A significant portion will move from parents to children, while another large share will first pass between spouses.  

While those figures are based on U.S. research, Canada is experiencing the same demographic trend. Baby Boomers hold a significant share of the country’s wealth, much of it tied to homes, businesses, investment portfolios, and pensions. Statistics Canada estimates Canadian household net worth exceeded $18.5 trillion by the end of 2025, highlighting the scale of assets that will eventually change hands.  

This isn’t a future event.

It’s already underway.

Wealth Is Easier to Transfer Than Responsibility

When people think about wealth transfer, they usually think about legal documents.

A will.

A power of attorney.

Maybe a trust.

Those documents are essential.

But they’re only one part of the picture.

The bigger challenge is preparing the people who will inherit the wealth.

Ask yourself:

• Do your children understand your financial values?
• Do they know why certain decisions were made?
• Would they know what to do if they suddenly inherited significant assets?
• Do they understand the responsibilities that come with a family business or cottage?

Too often, the answer is no.

The Biggest Risk Isn’t Taxes

Taxes matter.

Estate planning matters.

But in many cases, they aren’t what causes wealth to disappear.

More often, wealth is eroded by:

• Poor communication
• Lack of preparation
• Family conflict
• Unclear expectations
• Decisions made under pressure

Money can create opportunities.

But without a plan, it can also create tension.

The Family Cottage Is a Perfect Example

For many Canadian families, the cottage is far more than a piece of real estate.

It’s where holidays were spent.

Where grandchildren learned to swim.

Where memories were made.

But it’s also an asset.

Who will own it?

Who will pay the maintenance costs?

What happens if one child wants to keep it and another wants to sell?

How will any taxes be funded?

These conversations are much easier around the dinner table than they are after someone has passed away.

Business Owners Face Another Layer of Complexity

If your wealth is tied to a private business, the questions become even more important.

Does the next generation want to run the business?

Are they prepared to?

If not, what’s the succession plan?

Many business owners spend decades building a successful company but far less time planning what happens when they step away.

A successful exit doesn’t happen by accident.

Neither does a successful transition.

Wealth Transfer Is About More Than Assets

The families that navigate wealth transfers most successfully usually have one thing in common:

They communicate.

They involve the next generation.

They discuss expectations.

They explain not only what they’re leaving behind, but why.

The financial assets are important.

The knowledge, values, and purpose behind those assets are just as valuable.

Start Planning Before You Have To

One of the biggest mistakes families make is waiting until estate planning feels urgent.

By then, options may be limited.

The best wealth transfers are rarely rushed.

They’re intentional.

They happen over years—not weeks.

And they involve far more than legal documents.

The Bottom Line

The Great Wealth Transfer isn’t simply about passing down wealth.

It’s about passing down clarity.

Because the goal isn’t just to leave your family more.

It’s to leave them prepared.

That preparation may be one of the most valuable gifts you ever give.