It's the compelling side of wealth - accumulating as much as possible to make working, leisure, domestic and retirement life easier.
Not nearly as enticing is learning how to ensure what you've accumulated - whether cash, investments, property or a business - isn't going to the dogs after death.
Passing on financial and sentimental wealth from generation to generation has become more thought-provoking, financial advisers say, as the makeup of families, how people earn a living, the goals of investors and the economy changes.
But while the time to plan for the future is now, discussing who gets what after death isn't exactly at the top of everyone's must-do lists.
"Generally speaking, the sexy stuff we hear about is, 'How do I maximize for today?' There's such a focus on getting the best return, the best investment profile," says Jess Mann, the Toronto-based managing director and head of estate and trust services for Scotia Private Client Group.
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"But it should also be about, 'How do I do proper will and estate and other planning, and how I want my wealth to pass on and to whom.'
"If you spent your whole life trying to amass and grow as much wealth as possible, why wouldn't you want to do the same for your estate? Don't you want to pass on the maximum amount of wealth possible? That way of thinking is sometimes missed by families."
Ms. Mann cites some modern-day challenges to deciding where a person's wealth goes after death. They include:
- The rise in blended families, divorce and non-traditional relationships;
- A desire by many Canadians to work past 65, for financial or personal-preference reasons, given the end of mandatory retirement in most jurisdictions;
- Canadians' desires to contribute to philanthropic and charitable causes;
- More home-based and small businesses.
No matter what the family or work scenario, the plans to maximize estate value should all start with "the talk."
"When I talk to my clients about preserving their wealth for generations, I tell them there is a need to have honest and frank conversations with their family," says Teresa Black Hughes, a partner in the Vancouver firm of Solguard Financial Ltd./PEAK Securities Inc., and past chairwoman of Advocis, the Financial Advisors Association of Canada.
The discussions should be specific, she adds.
For instance, an owner of a small business needs to determine whether there is an heir apparent, and whether that benefactor needs any special training or education to take it on. Having more than one benefactor in line requires even more planning - for instance, what if one sibling wants the business but the other siblings don't.
The first step to safeguarding assets for generations to come is getting a properly prepared, up-to-date will, with all powers of attorney and executors and an estate plan in place, experts say.
