Intergenerational wealth transfer is when younger generations inherit the wealth of older generations who downsize or pass away. However, this is a unique historical period as the Great Wealth Transfer is underway. It’s the phenomenon where Gen-Xers and Millennials inherit the massive wealth accumulated by the Interwar and Baby Boomer Generations. (Read more on how Statistics Canada delineates the age range of each generation.)

Of course, there is the typical inheritance of money (cash, investments, etc.) and real estate, but we are also in the middle of The Great Stuff Transfer. It was the topic of conversation on the CBC’s Cost of Living podcast. I was delighted to be interviewed for this episode, sharing insights from my professional organizing experience in helping families manage the overwhelming task of letting go.

During the podcast, we discuss the generational shift in attitudes toward personal possessions and household goods. Generally, younger generations are less interested in inheriting traditional items like china cabinets or silverware, often opting for functionality over nostalgia. This preference change is reflected in the declining resale value of antiques and heirlooms.

At Out of Chaos, we advise downsizing proactively through practices like “Swedish Death Cleaning.” In this method, people give away their belongings while still alive. By handing down treasures with their stories, the next generation can fully appreciate them. Additionally, donating or discarding unwanted items prevents unnecessary storage costs and delays settling the estate.

Listen to the entire episode or read more tips about downsizing.