agree that trust and estate plans are important—but only 42% were actively engaged in the planning.
agree that establishing family governance is critical—yet only 26% had actively participated in the practice.
Beliefs can differ from behavior. Having a team to guide crucial conversations can help your family find and close the gaps.
These practices are rated highly important to the successful transition of wealth by 95% or more of the family members in our research.
These practices have average opportunity gaps of 60% or more—meaning that engagement falls far below the practice’s perceived importance.
Celebrate your family’s core strengths—highly important practices where family members already spend a lot of effort.
Common practices:
Prioritize where opportunity gaps are the largest—highly important practices that currently get little engagement.
Common practices:
Evaluate practices which rate low on importance and engagement. Their importance could change—especially when major life events occur.
Common practices:
Take the time to craft your family’s story so it can become part of each generation’s inheritance.
Clarify who will lead—now and in the future—as well as criteria for making decisions that reflect the family’s mission and values.
Consider who has the will and the capability (or potential) to lead wealth management and transfer.
Establish wealth objectives with written plans and expectations for growing capital and distributing funds.
Discuss whether your family wishes to support philanthropic initiatives and, if so, which shared values they represent.
Prepare beneficiaries for the responsibilities of managing wealth—especially third-generation family members—with open dialogue.