Volume 14:
The Transfer of Trust:
Wealth and Succession in a Changing World

Articles in Volume 14

• Introduction

  Planning for future generations is a crucial step in the wealth management process, and one of the most important. Being able to provide for the financial needs of surviving relatives is a special type of gift, which can also be extremely challenging.

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• Executive summary

  Wealth can lead to conflict, and many parents do not trust their children to protect their inheritance. The vast majority of individuals have wills and some have disinherited people.

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• Succession, a crucial wealth challenge

  Today’s wealthy could be forgiven for being nervous about handing over control and ownership of their personal and business assets to their children. The transfer of their material, income-generating creations to their human, cost-incurring ones, can be an extremely daunting proposition.

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• Making a success of succession

  Not only are the vast majority of wealthy individuals planning to pass wealth on to the next generation, some even aspire to leave a grander legacy that lasts far beyond their demise.

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• The dos and don’ts, wills and won’ts

  Before exploring how they can accomplish the transfer of assets, individuals need to assess the level of trust they have in their children and stepchildren and whether they feel the next generation will be wise custodians of their wealth.

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• Words of wisdom for the next generation

  Wealth is just one of the things that parents can pass on to their children. Equally valuable in the longer term is insight into what the future holds. Understanding the challenges that future generations face and how they can rise to them should help them achieve great things in life.

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• UK regions

  This report discusses many of the U.K.-wide findings when it comes to the complexities of succession planning. In this section, we look closer at the U.K. survey data to identify some differences and peculiarities that exist at a regional level.

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• Conclusion

  This report has shed light on some of the complications associated with succession planning. There is a clear desire to pass wealth on, but individuals and families need to plan this process carefully to avoid conflict and achieve happiness.

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