How to talk to your parents about inheritance — and prepare for what comes next

According to Jeanette, one of the most effective ways to ease into conversation is to begin with shared family values. This helps families shift the focus from what is being passed down to why it matters, making the conversation feel more human and less transactional.

She also finds that the most meaningful discussions centre on the impact families hope their wealth will have on the next generation and their community. Because emotions tied to family roles or the perception of fairness can surface, approaching the topic with empathy helps keep the dialogue constructive and focused on shared goals.

When families take time to align their intentions, they build a stronger foundation for all financial decisions that follow. This clarity makes choices feel thoughtful, reducing tension and uncertainty.

Tax considerations naturally come up early when translating family intentions into a financial plan. Reviewing factors like capital gains, probate fees and the timing of asset transfers can help you make informed decisions and avoid unnecessary costs. Ultimately, these tax considerations support the broader goal of honoring your family’s wishes rather than driving the plan.

The next step is building the financial structure and legal documentation that will carry your family’s wishes into action. This often includes having up-to-date wills that reflect your parents’ current wishes, and powers of attorney that outline who can make decisions if their circumstances change. Trusts can also be established to protect assets for vulnerable loved ones, and to outline how those assets should be used over time.

Jeanette notes that some families also explore lifetime gifting when parents are financially able to do so. This approach allows those passing wealth to see the impact of their generosity firsthand, while potentially reducing overall tax exposure if planned carefully with professional advice.

Addressing all these planning decisions in advance can make the eventual wealth transfer unfold smoothly and with fewer complications.

There’s rarely a time that feels easy to talk about money or — even more so — inheritance. However, certain life moments make the conversation more natural and grounded.

Financial checkpoints — such as when parents update their wills, consider downsizing or reorganizing assets, or during tax season — often bring long-term wealth management and financial planning to the surface. These situations naturally encourage reflection, which can create space for open and honest questions about the future. Discussing your own situation or financial plans might open the door to asking your parents what their hopes and wishes for their wealth are. Holidays can also be a time when families are together and are reflecting on starting these important conversations.

“It’s never too early to start the conversation, but it can be too late,” says Jeanette. These conversations work best when everyone can contribute and ask questions. Starting with a financial plan, built alongside a trusted advisor, can bring peace of mind to a complex situation.

Inheritance planning sits at the intersection of emotion, family dynamics, and long-term wealth management. When families take time to align on intentions and build a plan that reflects both generations, they help preserve wealth, their legacy, and family harmony.

Bringing an advisor into the process can help you turn those shared goals into a practical strategy, ensuring your parents’ hard-earned wealth continues to benefit your family for years to come. Starting early gives you more clarity and confidence as you navigate the road ahead.