Planning for what matters – Part 1: The great wealth transfer already shaping family planning

A shift that’s no longer theoretical

For a long time, the great wealth transfer was framed as something on the horizon. Significant, certainly, but still some way off. That is becoming harder to say.

Across private wealth, families are already dealing with the practical realities of succession. Wealth is moving between generations, between spouses and across increasingly complex family structures. The importance of that shift is not only financial. It is personal. With every transfer comes a question of responsibility, preparedness and purpose.

Recent research underlines the scale of what is happening. Cerulli estimates that $124 trillion will transfer through 2048 in the United States alone, with a substantial proportion moving first between spouses before passing to the next generation. STEP’s latest reporting also suggests many practitioners are already seeing the early effects of this change in real client situations, rather than treating it as a distant forecast.

Succession planning is about more than assets

That matters because succession planning works best when it reflects real lives rather than neat assumptions.

Families are rarely aligned in exactly the same way when it comes to fairness, timing, stewardship or control. One generation may want to preserve wealth cautiously. Another may be more interested in entrepreneurship, philanthropy or impact. Some family members may already be closely involved in decision-making, while others may need time and support to grow into that role.

This is why planning needs to go beyond legal mechanics alone. Structures matter, but they are only one part of the picture. A strong succession plan should also help answer broader questions. What is this wealth meant to achieve? How should responsibility be shared? How will decisions be made in future? And are the right people ready for the roles they may soon need to play?

Preparing the next generation

Good planning creates clarity before events force families into difficult conversations.

Handled early, it gives people the opportunity to discuss expectations at the right time rather than at the most stressful time. It can also reduce the risk of misunderstanding later on, particularly where there are family businesses, differing needs between beneficiaries or changing views across generations.

Saffery Trust’s own article, Gen X: partners not passers by, touches on this changing dynamic well. Increasingly, inheritors are not simply passive recipients. They are arriving with their own priorities, perspectives and ambitions, and planning needs to reflect that.

A process, not a one-off event

The great wealth transfer is not a single moment. It is a process, often unfolding over many years.

That means succession planning should not be treated as a document to complete and file away. It should be revisited as family circumstances evolve, as younger generations become more involved and as priorities become clearer.

The transfer of wealth now under way is significant, but it should not be thought of only in terms of numbers. It is also a transfer of responsibility, influence and legacy. Families that approach it early, thoughtfully and with a long-term view are often better placed to protect both wealth and relationships in the years ahead.