Center for Family Legacy Safeguarding your family’s future in 6 steps

Your family’s future is about much more than numbers. You want to care for the people you love and prepare them for a future that reflects your shared values. But ensuring that such a legacy will last requires more than financial strategies. 

Truist Wealth’s Center for Family Legacy recently completed a multiyear research study of families navigating the process of establishing and continuing their legacies. This 16-year study, Bridging beliefs and behaviors: Key insights into effective wealth transfer across generations, involving 120 families found that, for example, while nearly 94% of families agree that strategic planning for trusts and estates is important, fewer than half actually put those plans into action. Likewise, although 83% believe that defining governance structures is important for clarifying roles and responsibilities within the family, only around 26% report taking steps to implement such practices.

These discrepancies highlight a meaningful divide between what families value and what they prioritize in practice. In other words, there’s a gap between intent and action. At the Center for Family Legacy, identifying these gaps helps guide families toward building the habits and systems needed to support wealth for generations to come.

Successful wealth transfer requires emotional alignment, crystal clear communication, and a thoughtful plan to move both resources and responsibilities across generations. Here are the top six areas to understand and the actions to take with each.

1. Family cohesiveness

Family cohesiveness isn’t a feel-good concept. It’s an essential tool for families looking to prevent the conflict, arguments, and fragmentation that can negatively impact assets over time. Whether facing business transitions or introducing younger members to financial decision-making, families thrive when they are united.

According to Truist research, families should intentionally encourage connections between members through storytelling, shared rituals, or co-created mission statements. David Herritt, senior managing director, Truist Wealth Center for Family Legacy, explains, “Most of the families we work with are first- or second- generation wealth creators, and they need a framework to have the conversation, something that helps them talk about their values and use those stories to build both individual purpose and a shared family mission. When they can see themselves in that mission, it drives a deeper connection to the family’s purpose.”

2. Family governance

Family governance sets out guidelines for who does what in a family, from how family members make decisions, to how they resolve conflicts. Truist research uncovered that governance discussed and drafted together preserves wealth by enabling smoother transitions and stronger relationships across generations.

Governance need not be intimidating or difficult. For example, setting up recurring family meetings where important topics can be discussed is a part of governance. Your family might start by writing out guidelines on how to decide where to hold holiday celebrations or vacations.

3. Mentoring 

Wealth without wisdom can quickly disappear. Truist’s research underscores that intentional, age-appropriate education and guidance are powerful forces for preserving both assets and relationships. According to the previously mentioned research, the widest gap in what families wanted to do and what they actually did occurred in financial education, where 96% of family members rated it as an important best practice, but only 29% say they are engaged in it. 

“There’s not a lot of really active education on wealth literacy,” says Herritt. “That’s why we try to fill that gap by teaching life skills like net worth, credit, debt, investing, and saving. Giving people that foundational knowledge is critical to helping them succeed.”

Mentoring with an eye to continuing wealth has a focus on financial literacy, but it can also include guidance that helps instill purpose and a strong sense of stewardship. At any wealth level, families can teach money management and investing basics, as well as lessons on charitable giving, volunteering, career pathing, and other values-based decisions related to money. 

4. Strategic planning 

Strategic planning is a map that guides your family forward, together. You’re likely balancing a mix of growing assets, personal transitions, and evolving family needs. 

Strategic planning isn’t a one-size-fits-all process. It’s an opportunity to look at your current priorities before any significant life changes, such as retiring from a career, selling a business, or moving from one house or city to another. You can make better choices and have more options when you plan ahead, no matter what your family means are. 

Typically, you’ll form your plan with your closest family members. But don’t stop there. According to Carolann Grieve, managing director of family governance at Truist Wealth’s Center for Family Legacy, “Strategic planning is really about exploring what individuals or families want to achieve with their wealth, what success looks like, what values guide their decisions, and how their long-term vision shapes their priorities today and for the future.”

5. Trusts and estates

For families who are building generational wealth, having unclear or unspoken eldercare and estate plans can lead to confusion, mistrust, or even litigation. 

Power of attorney, trust, healthcare directive, and will document language can be confusing and complex, even for educated individuals. Work with your financial and legal advisors to ensure that each family member, responsible party, and beneficiary clearly understands their role. 

Don’t have a trusted team, or looking for a second opinion? Your Truist wealth advisor can help or visit truist.com/wealthpriorities for more information.

6. Philanthropy

Philanthropy is not necessarily the starting point for your wealth journey, but it should be included as part of your long-range vision. Family giving helps tie generations together, inspires financial literacy, and fosters a culture of gratitude and positive impact.

Try setting a yearly giving goal. Support the cause together and incorporate volunteering or other non-cash support into your effort. When a family gives together for a purpose bigger than themselves, their love for one another can deepen, and their legacy can be strengthened for generations to come.