The Wealthy Barber on how a cottage can complicate estate planning


“The last thing you want is for your cottage, a place of great memories, a true family treasure, to end up being a wedge that drives your family apart.”

This video is part of a three-part myth busting series aimed to dispel common estate planning beliefs many Canadians have. The series is produced in collaboration between RBC Wealth Management Royal Trust and David Chilton, author of best-selling personal finance guides The Wealthy Barber and The Wealthy Barber Returns, and former dragon on CBC’s Dragons’ Den. #TrustRoyalTrust

Not sure how to get started? Let us guide you.

Contact one of our skilled RBC Royal Trust professionals to find out more about the right services for you.

By phone: 1-855-833-6511 or let us contact you. - Royal Trust

Myth: My children are mature, caring people who will figure out a fair-to-all approach to sharing the cottage when I’m gone that perfectly preserves family harmony.

Fact: It’s incredible how challenging it is to make everyone happy, or even somewhat happy, or even not bitter, when passing on a cottage to multiple beneficiaries.

Family dynamics and executor pitfalls: dispelling common estate planning beliefs

The Wealthy Barber’s tips for choosing the right executor

“I don’t want to be an executor. Too much work. Too much stress. Too much potential liability.”

Watch now -The Wealthy Barber’s tips for choosing the right executor

Named an executor? The Wealthy Barber thinks it's important to know what you're getting into

“If you’re named executor, please get professionals involved. I don’t mean psychiatrists, though that may be a good move, too.”

Watch now -Named an executor? The Wealthy Barber thinks it's important to know what you're getting into

RBC Royal Trust and RBC Wealth Management are business segments of the Royal Bank of Canada. Please click the “Legal” link at the bottom of this page for further information on the entities that are member companies of RBC Wealth Management. The content in this publication is provided for general information only and is not intended to provide any advice or endorse/recommend the content contained in the publication. ®/TM Trademark(s) of Royal Bank of Canada. Used under licence. © Royal Bank of Canada 2020. All rights reserved.

Related articles

Have you talked to your family about estate planning?

Estate planning

The Wealthy Barber says it’s important to talk to your loved ones about your estate plan and where your important documents can be found.

Read more - Have you talked to your family about estate planning?

The Wealthy Barber has a power of attorney. Do you?

Estate planning

A power of attorney for property protects your assets so your loved ones can focus on your care.

Read more - The Wealthy Barber has a power of attorney. Do you?

What is a trust? The Wealthy Barber explains

Estate planning

Trusts protect your wealth for the benefit of current and future generations.

Read more - What is a trust? The Wealthy Barber explains