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Generational Wealth Transfer .pdf



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Generational Wealth Transfer:
5 Tips to Follow
A family’s fortune can be made and lost within a few generations.
Challenges in wealth transfer may arise due to a lack of trust, unprepared
heirs, and miscommunication among family members. If you too want to
secure your family’s wealth over time, make sure you plan a strategy to
prepare your heirs and protect your assets. In this post, we discuss five tips
to help manage and transfer your wealth to your heirs.
1. Plan a Mentoring System
Transferring generational wealth is important, however, making your
future generations learn about family values, traditions and stories is even
more important. Most of the wealth transfer failures take place due to a
lack of family values and unprepared heirs. However, proper mentoring
can fix this issue. The problem can be resolved by investing your time in
your future generations to prepare them for the basic economic concepts.
2. Set up a Plan for Conflict Resolution
Setting up a plan for conflict management is important to resolve issues
related to wealth transfer. Most families skip this part, as they assume that
there will be no conflict in their family, which shouldn’t be the case.
However, if there are predetermined protocols for conflict management, it
is easier to handle financial disputes that might take place in future. You
don’t need to worry about your financial assets, as you can always speak

with a private wealth management expert to guide the way.
3. Meet your Family for Family Governance
Family governance refers to making decisions as a family. Conduct
informal meetings with your family members as it provides a platform for
everyone to express their thoughts which helps you to understand their
views. To avoid conflicts, you must know how to make important choices.
Give responsibilities to your future generations so that they know how to
make important decisions and if they face any issues, previous generation
is still there to help them.
4. Select Reliable Trustees
Trustee is a person who is responsible to manage the money of the trust to
its beneficiaries. A trustee must understand the grantor’s intention in
creating a trust, who are benefited, and how to monitor the investments.
Most people want to make their family member or friends as a trustee,
however, it’s not necessary that they are capable of handling their
responsibilities efficiently. You have other options as well such as corporate
trustee, private trust company or trusted advisor. Whether you choose a
family member or an experience outsider, make sure you choose a
responsible trustee.
5. Choose the Beneficiary(s)
It’s important to choose beneficiaries beforehand, to determine who will
best fit for the leadership. Make sure each beneficiary knows their role and
responsibilities, and how to sustain long-term family goals. However, their
role may differ in achieving these goals.

The Bottom Line
A wealth management plan is important for a seamless transfer of wealth
to future generations. It needs to be flexible as there can be natural or
unforeseen circumstances that might occur and affect the wealth transfer.
One of the best ways to avoid the guesswork and confusion involved in
wealth transfer is to hire a dedicated wealth planner who can guide you
throughout the process and help you manage your handle your wealth.


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