Who Actually Owns the Assets Your Family Depends On?
One family I worked with believed everything was in place because a will had been updated and the intended beneficiaries were clearly identified.
However, as the situation was reviewed more closely, a number of risks emerged that had not been immediately obvious. Paul’s* mother owned the home where her son, daughter-in-law, and grandchild were living, and much of the family’s wealth was held solely in his mother’s name.
Written By Tiffany Woodfield, Financial Advisor, TEP®, CRPC®, CIM®
If Paul were to pass away before his mother, his wife and child could find themselves in a vulnerable position despite assuming that they would be protected.
This motivated him to get advice so he could get answers to these questions:
- How would assets flow?
- Who would have decision-making authority?
- What rights would various family members have if Paul or his mother passed away?
The cost of getting professional advice was small compared to the potential financial and emotional consequences of getting it wrong.
For Paul and his family, estate planning wasn’t just about creating the right documents. It was about identifying risks they didn’t know existed and creating a plan to provide greater certainty for future generations.
Why This Matters
Estate plans are often reviewed one person at a time, even when several generations are financially connected.
For families in BC, legal ownership matters. Living in a home, contributing to it, or expecting to inherit it does not necessarily provide the same protection as having clearly documented rights.
Paul’s story shows testing different sequences of death or incapacity is an important part of estate planning. In addition, it’s a good reminder that a will is not an estate plan.
Key Tools
Already in Place
- Updated Will
- Clearly identified beneficiaries
Planning That Was Needed
- Multigenerational estate review
- Asset ownership analysis
- Housing security planning
- Decision-making and authority planning
- Contingency planning for different orders of death
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Read More:
💎 At What Age Should I Consider Estate Planning in Canada?
💎 Why Is Generational Wealth Important?
💎 Who Needs to Do Estate Planning in Canada?
About the Author
TIFFANY WOODFIELD is a senior financial advisor, estate-planning expert, and dual-licensed portfolio manager based in Kelowna, British Columbia. She is the co-founder of SWAN Wealth Management, where she helps Canadian and cross-border families build lasting wealth, reduce tax risk, and create meaningful legacies.
As a TEP (Trust and Estate Practitioner) and portfolio manager, Tiffany works closely with successful professionals, business owners, and internationally mobile families who want to enjoy a more flexible, work-optional lifestyle. She combines deep technical expertise in wealth management with a strong focus on mindset, personal development, and purposeful decision-making.
Tiffany has been a contributor to Bloomberg TV and has been featured in major national and international publications, including The Globe and Mail and Barron’s, for her insights on retirement planning, cross-border wealth issues, and estate planning.
Professional designations:
- TEP® – Trust and Estate Practitioner
- CRPC® – Chartered Retirement Planning Counselor
- CIM® – Chartered Investment Manager
*Names have been changed to protect the identity and privacy of the individuals in this story. Please seek the advice of professionals before taking action. This case study is for educational purposes only.