Rethinking inheritance: A new legacy in a time of change
As we approach one of the most significant wealth transfers in history, with $1 trillion set to change hands in Canada alone by 2026, it’s time to rethink what we mean by “inheritance.” While financial inheritance often takes centre stage, many now see legacy as something far more profound—a reflection of the stories, values, and influence that define our lives.
Introducing LegacyNex
In response to this shift, I’m excited to introduce LegacyNex, a new initiative designed to help individuals and families preserve what matters most. Over the years, I’ve worked extensively in the field of emotional and financial well-being, and it’s become clear that inheritance is more than just passing down wealth.
LegacyNex was created to fill this gap, offering a secure and flexible way to document and share the values, life lessons, and memories that shape who we are.
LegacyNex pre-launch webpage
LegacyNex is here to address the changing nature of legacy by providing individuals with tools to capture their stories in a meaningful way, ensuring that their wisdom, traditions, and experiences live on for generations to come.
What legacy really means
“Imagine passing down not just wealth but the wisdom you’ve gathered over a lifetime—your guiding principles, the challenges you’ve faced, and the moments of joy that only you can share. Inheritance transforms into something deeper: a personal history and connection that strengthens family bonds and helps future generations understand who you are and what you stood for.”
In a survey of 1,000 people I conducted this past summer, the most common element associated with legacy was “the impact one has on others”, followed closely by “family traditions and heritage.” Surprisingly, financial inheritance ranked lowest, showing that many now perceive legacy in more intangible terms, such as influence, values, and memories.
Respondents expressed a strong openness to recounting their life stories, lessons, and personal reflections when asked by loved ones. Most felt they would share life wisdom and significant experiences that shaped who they are. There’s a growing desire to document these reflections in various formats—whether written, recorded, or visual—to ensure they’re preserved for the future.
The power of stories and voices
When asked what they miss most about someone who has passed, many people pointed to their loved ones’ voices and stories. This speaks to the emotional weight behind legacy—it’s not just about what we leave but how our presence is remembered. Life lessons, family traditions, and stories offer comfort, guidance, and a lasting connection to those we care about.
What’s in a will?
In a separate qualitative focus group, I asked participants: “What would you leave alongside your will if you could?” The responses were deeply revealing and included:
Descriptions of family traditions and their importance
Recorded stories to ensure family remembers what mattered most
A detailed letter about the significance of personal possessions
Reflections on the people who shaped them
Hopes for the future and motivations behind charitable contributions
Life lessons and advice for navigating challenges, and much more
These responses highlight a powerful shift in how people perceive their legacy—it’s not just about money or possessions, but about values, relationships, and life experiences.
Challenges: legacy documentation
However, many people haven’t yet documented their stories. The biggest barriers? Time, privacy concerns, and doubts about the long-term accessibility of their legacies. Despite being eager to share their wisdom and experiences, people worry about whether their stories will remain safe and accessible in the future.
Interestingly, respondents showed a strong preference for pre-recorded messages, noting that these would offer comfort and guidance to their loved ones. Yet, despite the enthusiasm, most have not yet taken action due to the above challenges.
Free guide available at legacynex.com
This sentiment resonates with the findings from a Maclean's article, The Jackpot Generation, which underscores the generational divide in attitudes towards wealth, particularly among millennials. Financial planner Shannon Lee Simmons notes, “Inheritance comes at an emotional cost, and every dollar is steeped in it.”
As we prepare for our official launch in January, we’re offering early access to help you begin this important journey.
Sign up to be the first to learn about what LegacyNex can do for you, and you’ll receive a free guide to help you reflect on your legacy – beyond financial assets – and start thinking about the stories, values, and experiences you want to share with your loved ones.