Wealth and Relationships: 3 Essentials For a Smooth Wealth Transition

Our research shows transitions occur more smoothly when:

1. Heirs are better prepared

2. Relationships among family members are more trust-based and affable

3. Families are proactive in wealth planning and designing values

Prepared heirs mean they understand their role of being a good beneficiary. It means they are able to navigate their relationships well, have a strong sense of purpose, and see how they can be a contribution to the family resources.

Trust-based relationships mean people are able to speak truth to power, feel safe to express themselves honestly, and have the skills to co-design a future that works for them. Proactive planning means the voices of the next generation while the decision-makers are still on the right side of the daisies. It means the next generation has a say in how the family wealth will affect them, and how they can contribute to the legacy.

Estate plans exist to take care of assets, not relationships. The best investment a family can make is on improving trust and communication to ensure there is a strong foundation to ensure their estate plan is implemented as it is intended.

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