Key Lessons for Inheritance and Financial Planning

What are 7 Key Lessons for Inheritance and Financial Planning? 

Preserving Wealth for the Next Generation 

In the first chapter of Preserving Wealth for the Next Generation, we are introduced to a family gathering at their father’s summer cottage in Honey Harbour. It’s the opening weekend of summer, but it’s filled with mixed emotions, as the family is coming to terms with the loss of their father and the inheritance he left behind. As the siblings contemplate their new financial responsibilities they turn to Uncle Wayne, a trusted family friend, for guidance.

Uncle Wayne offers valuable advice on how to manage their sudden wealth, emphasizing the importance of careful financial planning. He suggests a step-by-step approach to ensure the family’s assets are protected and wisely managed.

Here are 7 key learning items from the chapter that can help anyone in a similar situation:

  1. Keep Inheritance Private: Uncle Wayne advises the family to keep their newfound wealth confidential to avoid unwanted attention or potential risks.
  2. Use a High-Interest Savings Account: To safeguard their inheritance, he recommends placing at least 95% of the money in a high-interest savings account with a major financial institution.
  3. Diversify Across Financial Institutions: To ensure maximum protection, he suggests spreading funds across multiple banks, keeping in mind the Canada Deposit Insurance Corporation (CDIC) limit of $100,000 per person per institution.
  4. Create a Financial Inventory: Uncle Wayne encourages the family to list what they own (assets) and what they owe (liabilities). This step helps to gain a clear understanding of their overall financial situation.
  5. Gather Important Documents: He stresses the importance of collecting all personal and financial documents, including wills, powers of attorney, mortgage papers, insurance policies, and tax returns.
  6. Develop a Budget: A list of monthly income and expenses is crucial for maintaining financial stability and planning for future expenses.
  7. Seek Professional Advice: Finally, Uncle Wayne suggests consulting a financial advisor to develop a comprehensive long-term strategy that aligns with their unique financial goals and circumstances.


By following these seven key learning items, the family can take the first steps toward preserving their father’s legacy while also ensuring their own financial security. This guidance provides a solid foundation for anyone dealing with sudden wealth or inheritance, offering a roadmap for responsible financial planning and wealth management.

You can read the full first chapter HERE

What To Do Next

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For more information, refer to Preserving Wealth: The Next Generation – The definitive guide to protecting, investing, and transferring Wealth by Jack Lumsden, MBA, CFP® or schedule a call with Jack at 905-332-4403

Jack Lumsden is a Financial Advisor with Assante Financial Management Ltd. The opinions expressed are those of the author and not necessarily those of Assante Financial Management Ltd. Please contact him at 905.332.5503 or visit to discuss your circumstances before acting on the information above.

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