New Year, New Legacy Begins

I recently was on a Zoom call checking in with two friends out in Nova Scotia, retirees Paul and Aisha. I apparently had caught them sitting at their kitchen table with two mugs of tea and a box of old photos. Their kids live in Alberta and Ontario, and their first grandchild was born last spring.

They were laughing at the memories. They said to me they were worried if their savings and their stories would make it to the next generation. Would the recipes and traditions they loved survive? As a new year begins, they wanted a plan—not just for money, but for what really matters.

This scene is familiar to many Canadian retirees. A new year invites thinking about family, purpose, and the future. Legacy isn’t only about wills and bank accounts. It includes values, stories, traditions and the practical steps that keep loved ones safe.

If you feel unsure where to begin, here are clear, practical ways to build a balanced legacy.

Make your plans simple and have the right documents. Confusion about documents causes stress for families. Provinces have different rules, but the basics are the same: make your wishes easy to find and understand.

1. Write or update a Will and name an executor.
2. Have a conversation with your executor and prepare them. Make it as easy as possible to do the job.
3. Add a Power of Attorney and a health-care directive. These tell others who will act for you if you can’t.
4. Keep a folder with account details, insurance, and where to find important documents. Give a friend, relative or lawyer you trust access.
5. Write a short letter or record a two- or three-minute message for each child or grandchild. Say what you hope they’ll remember.
6. Keep one family tradition alive and teach it to someone younger—a recipe, a holiday habit, or a simple ritual.

Model values now: be kind, save regularly, volunteer, or show how you make choices. Actions teach more than words. These small, personal acts travel well across distance. A recorded story or shared recipe can keep family traditions alive. 

• Use tools that avoid probate where appropriate, like named beneficiaries on RRSPs and TFSAs, and consider joint accounts carefully.
• Registered plans and provincial laws affect how assets transfer. A financial planner can explain options and help you choose what fits your family.
• Handle family tensions with open conversations. Many families worry about conflict. Clear, written plans reduce arguments, and a few careful moves can keep things calm.
• Communicate your choices in a straightforward way: one family meeting or a letter that explains your reasons and who will manage your affairs.
• Use a neutral professional—a lawyer, notary (used in Quebec), or trusted family friend—to explain and carry out the plan.
• Consider appointing an independent executor if family dynamics are strained. Speak to someone at your bank or trust company; they have special departments for estate planning. But understand it will come at a cost.

If you are looking for a New Year's resolution that will make a difference, take time this month and write a one-paragraph note(s) to a child or grandchild about what you hope they remember. Put it with your Will.

Paul and Aisha updated some forms, recorded how they met, and scheduled a family dinner in March to share traditions.  They didn’t solve everything, but they started. That's the key.

As this new year begins, take the steps, get your documents in order, a brief story, or a short talk, and let your care become a lasting gift for the generations to come.

David E. Edey, CEA, is the author of Executor Help – How to Settle an Estate, Pick an Executor and Avoid Family Fights and host of the Executor Help Podcast. Stories of Life, Death and Legacies. www.davidedey.com