The 30% That Get It Right: What Successful Wealth Transfers Have in Common
You’ve done everything right: trusts are in place, taxes have been minimized and assets are protected. What could possibly go wrong from here? In a word, heirs. Are your heirs ready for what they’re about to receive? The truth is most are not. It is not a matter of intelligence or good intentions. It’s a matter of preparation.
What is Heir Readiness?
It goes beyond whether your heirs know how to balance a portfolio or read a trust document. True heir readiness means:
- They understand your values, not just your net worth
- They’ve had open conversations about your intentions
- They’re equipped to work with advisors, trustees and each other
- They’ve experienced real, hands-on responsibility with money
As a result of lack of communication, unclear expectations, or no emotional preparation for wealth transfer, studies show that 70% of wealth transfers fail, meaning the assets are mismanaged, depleted, or lead to family conflict, usually within one generation.*
Five Ways to Build Heir Readiness
To ensure your legacy lasts beyond the balance sheet:
- Write a Legacy Letter
Share the “why” behind your plan. What matters to you? What should your heirs know beyond the dollar signs? - Hold a Family Legacy Meeting
We help many families host open conversation about roles, wishes, and shared goals before surprises and stress enter the picture. - Start Giving While Living
Whether it’s a $50,000 investment account or responsibility over a charitable gift, small steps now teach big lessons. - Teach Collaboration
Siblings who never worked together may one day co-manage a trust. Consider light structure today that builds trust between beneficiaries. - Create a Family Mission Statement
It might sound formal, but it works by giving heirs a compass when you’re no longer here to steer the ship.
The bottom line: your legacy plan may be airtight. But if your heirs aren’t prepared to receive it, the plan could fall apart at the finish line. When you and your family are ready to take the next step, from “documented” to “truly prepared,” we are here to talk you and your family through it.
*According to a landmark study by The Williams Group, 70% of wealth transfers fail within one generation. The study analyzed over 3,200 high-net-worth families.
