When financial inheritances fall short, what else can we pass on?
Canada is on the cusp of an unprecedented transfer of wealth - estimated at $1 trillion - between generations. This so-called “great wealth transfer” has created high hopes among younger Canadians, with many banking on an inheritance to help secure their financial futures. Yet, as recent findings from Vanguard Investments Canada reveal, the reality may be sobering.
“The great wealth transfer highlights the financial legacies families hope to leave, but it also reminds us of something just as valuable: the non-tangible inheritances we pass on every day. These are the lessons, stories, and values that money can’t buy, yet they hold the power to shape lives and provide enduring guidance.”
Nearly one-third of older Canadians either cannot or are unsure if they’ll be able to leave a financial legacy, while 34% of young adults consider such an inheritance crucial to achieving their goals. This gap between expectation and reality is creating difficult conversations - and often, disappointment.
However, legacies are about more than dollars and cents.
Rethinking legacy:
beyond financial wealth
The stories of unmet financial expectations underscore a deeper need to broaden our understanding of what it means to leave a legacy. While financial support can provide immediate relief or long-term security, it is only one piece of the inheritance puzzle.
What if families also focused on passing down the non-tangible gifts that shape lives in profound ways? Wisdom. Stories. Values. The lessons that guide us in times of uncertainty. The humor that lightens the darkest days. The traditions that connect us to something larger than ourselves.
These non-tangible inheritances often go unspoken, but their impact is immeasurable. They form the backbone of intergenerational well-being, offering direction, grounding, and comfort in ways that money cannot.
The power of non-tangible inheritances
Consider this: a letter from a parent or grandparent, filled with lessons learned and advice for navigating life’s challenges. Or a family story that illustrates perseverance through hardship, providing strength for a younger generation facing its own trials. These are the kinds of gifts that resonate long after financial inheritances are spent.
Studies consistently show that emotional and relational wealth is a critical factor in family success and resilience. Passing down these intangible assets ensures that future generations inherit not just financial security but also a sense of identity, purpose, and belonging.
Bridging the legacy gap
For families navigating the complex dynamics of inheritance, embracing non-tangible legacies offers several benefits:
Relieving financial pressure:
For parents who fear their financial resources may fall short, capturing and sharing wisdom, values, and traditions ensures they can still leave something invaluable for their loved ones.Guiding future generations:
Younger generations often need more than money—they need guidance on how to make decisions, manage challenges, and find fulfillment. Stories and lessons from elders can provide a foundation for their personal and professional lives.Creating deeper connections:
Documenting non-tangible gifts fosters conversations and understanding between generations, building stronger family bonds in the present while preserving those connections for the future.
How to start preserving your non-tangible legacy
Getting started with documenting your non-tangible aspects of life can feel daunting. In fact, a recent survey revealed that while nearly 1,000 participants expressed a desire to leave a non-tangible inheritance, many didn’t know how to begin, what to say, or how to approach the process. That’s exactly why LegacyNex was created—to make this meaningful journey accessible and empowering for everyone.
Leaving a non-tangible inheritance doesn’t require elaborate plans. It starts with small, intentional steps:
Capture the stories that matter: Share memories that reflect your values, humor, and resilience. Record them in written, audio, or video form.
Write a legacy letter: Offer advice, reflections, and encouragement to your loved ones.
Document family traditions and values: These shared rituals and beliefs provide a sense of continuity and belonging.
Reflect on lessons learned: Be open about the pivotal moments in your life and what they taught you.
LegacyNex: preserving what matters most
At LegacyNex, we believe legacies aren’t limited to what’s left in a will. They are found in the wisdom, love, and memories we pass on. While financial inheritances are valuable, non-tangible gifts offer something just as important: they ensure that the essence of who you are lives on, shaping and inspiring your loved ones for generations.
The gap between financial inheritance expectations and reality is real—but it doesn’t have to define your legacy. By focusing on the gifts that transcend wealth, you can leave a mark that is truly timeless.
Are you ready to preserve what matters most? Let us help you capture the essence of your life for those you love.