Center for Family Legacy Increasing family engagement for successful trust and estate planning

With generational wealth transfer projected to exceed $84 trillion by 2045, the urgency for intentional preparation is unprecedented. Research from Truist Wealth’s Center for Family Legacy underscores that while families place importance on structuring trusts and preparing heirs of an estate, engagement levels with the work of planning often falter, particularly among younger generations. The Center for Family Legacy helps bridge these gaps through tailored solutions that include enhancing intergenerational financial and wealth literacy, strengthening trustee-beneficiary relationships, and embedding shared values into estate plans.

In its 16-year 120-family study, Bridging beliefs and behaviors: Key insights into effective wealth transfer across generations, the Center for Family Legacy identifies five best practices to strengthen family cohesion, prepare heirs, and create a foundation for managing trusts and estates. Incorporating these into your estate planning process can close the gap between the acknowledged importance of trusts and the inaction that sometimes surrounds them and makes them less effective in transferring wealth smoothly.

Engaging families in intentional conversations about estate plans and trust structures is crucial to bridging generational gaps in understanding and alignment.

“There’s a great deal of disconnect between what the senior generation thinks the next generation knows and what they actually know,” says David Herritt, head of Truist Wealth’s Center for Family Legacy.

This gap often stems from older generations withholding information, sometimes to protect their heirs from financial pressures. However well intentioned, such a gap in information can lead to mistrust or misconceptions. Herritt says by not sharing estate plan details, senior family members unintentionally signal to their heirs that they aren’t trusted or valued, which can lead to resentment and misaligned expectations​.

“This is an opportunity for parents to explain their reasoning for doing certain things,” says Carolann Grieve, managing director of governance at Truist Wealth’s Center for Family Legacy.

Having open discussions with your children can foster clarity and mutual understanding by dispelling assumptions—like the notion that unequal distribution of assets reflects favoritism. For example, if controlling interest in a family business will pass to one child but not their siblings, discussing the reason this is the plan ensures that intentions are clear and mitigates potential conflicts​.

The Center for Family Legacy research reinforces the importance of active communication. The study found that the oldest generation engages 21% more than the middle generation and 14% more than the youngest generation in communicating intentions. These findings underline the need to involve all generations early in estate planning conversations to empower younger family members and ensure family values align with financial strategies​.

Knowing the plan is a first step. Knowing one’s role in executing that plan is another that needs attention. “Beneficiaries often have no idea they have responsibilities, let alone what those responsibilities entail,” says Silke Shilling, senior governance associate at Truist Wealth’s Center for Family Legacy.

To help families have a better understanding of what’s involved, the Center for Family Legacy uses case studies and interactive scenarios to educate beneficiaries and grantors. “We put you in the role of a trustee or beneficiary in various situations. This makes the concepts real and provides actionable learning,” Grieve explains.

Daisy Medici, managing director of governance and education, echoes the importance of this type of learning within families. “Legal jargon is difficult, even for educated individuals,” she says. “Without proper guidance, families often miss critical details in their estate structures that can lead to unintended outcomes.”

Understanding the grantor’s intent and why a trust is structured a certain way can also alleviate misconceptions. Herritt says structuring a trust to manage tax implications or wealth preservation strategies, for example, often can create confusion for beneficiaries. In those cases, it’s best to rely on professional guidance to help beneficiaries understand rather than letting them use gut instinct or emotional attachment. He says a clear explanation of fiduciary duties and the specific provisions within trust documents can help beneficiaries and trustees fulfill their respective roles without unnecessary friction.

The Center for Family Legacy experience backs up this recommendation. Our new research finds that family members acknowledge this disconnect and believe it’s important to change so that it doesn’t have a detrimental impact on the family.

Who should take the roles needed to transition wealth? Truist Wealth recommends alignment with family values when selecting trustees and advisors. Herritt says a blended approach often yields the best outcomes for clients of the Center for Family Legacy.

“Having both a corporate trustee for structure and an individual trustee who knows the beneficiaries allows families to balance impartiality with personal understanding,” he says.

Grieve agrees, emphasizing that corporate trustees provide objectivity, which can be complemented by a family member’s personal insights. This blended approach ensures a balance of professional accountability with the familial touch needed to maintain continuity across generations.

“We discourage appointing siblings or close family members as sole trustees, as this can lead to strained relationships,” says Grieve. “Instead, work to ensure corporate trustees understand the family’s values and long-term goals through communication with both grantors and beneficiaries.”

The importance of careful trustee selection aligns with findings from the research. While trustee selection is universally acknowledged as critical, younger generations often show less engagement in these processes compared with older generations. When families actively involve younger members in discussions, they mitigate risks of misaligned expectations and create more cohesive, effective estate management.

Open communication, shared understanding of fiduciary responsibilities, and intentional education for both parties are all crucial components to creating solid trustee-beneficiary relationships.

“Inviting trustees and beneficiaries to meetings and encouraging open dialogue about responsibilities and expectations fosters mutual understanding and collaboration,” says Shilling. This engagement also helps preempt potential conflicts by setting clear expectations early in the process​.

Herritt says the need for clarity in fiduciary roles is just as important. “Understanding what terms like ‘support’ and ‘maintenance’ mean in a trust context helps beneficiaries and trustees align on what is permissible and why,” he says.

Such clarity not only ensures legal and financial compliance but also strengthens the trust relationship by removing ambiguity. The Center for Family Legacy supports this process through detailed trust distribution policies and structured family meetings, allowing all parties to align on goals and operational details​.

The research highlights the critical role of these practices. While 94% of families rate trustee-beneficiary relationships as essential, engagement remains inconsistent across generations. Addressing this gap through education, structured interactions, and shared values significantly enhances the effectiveness of wealth transfer for a cohesive family legacy​.

Aligning trusts and estate plans with family values reflects a holistic approach to wealth transfer that transcends financial considerations. “By reviewing and aligning existing plans with the family’s mission and vision, we ensure that the intent matches the outcomes,” says Medici. “This often involves creating morally binding guidelines that complement traditional legal frameworks.” Engaging multiple generations in the planning process ensures that all voices are heard, cultivating a sense of ownership and unity.

Truist’s research supports these practices, showing that the oldest generation places greater emphasis on aligning estate plans with family values compared with the middle and younger generations, who often express a desire for more active participation in strategic discussions.

These five best practices exemplify the Center for Family Legacy’s focus on transparency and values-driven decision-making. Each one is a fundamental step in integrating financial strategies with family dynamics to sustain intergenerational wealth. “Families who begin with a discussion of their values and vision can design estate plans that resonate across generations,” says Herritt. “This approach mitigates potential conflicts and aligns all parties on the bigger picture.”​

The sense of shared purpose this alignment creates is critical for maintaining family cohesion and ensuring the successful transfer of wealth. These policies enable families to adapt existing structures to align more closely with their mission and long-term objectives.