Field Interviews

Eye-Opening Look Into What Happens When Families Transfer Wealth

Over a 20-year period, Institute for Preparing Heirs co-founder Roy Williams and his associates interviewed more than 2,000 families who had gone through the estate planning and wealth transfer process. The interviews revealed an alarming fact:

About 70% of the families lost control of their assets and family harmony in the first generation following wealth transfer.

That’s only one family in three that retained its assets and family unity after wealth transfer. The major causes of post-transition failure were discovered to lie within the family itself, and not as a result of poor professional advice.

These interviews also revealed that families who successfully transition wealth while maintaining strong family unity share several critical traits:

Total family involvement in the estate planning discussion and process (including spouses and grandchildren over age 16)
Shared family vision of long-term family goals in a written Family Mission statement
High level of trust and communication among all family members
Clearly defined roles of the heirs

The Value Of This Important Information

As a result of the interviews with thousands of families post-estate transition, Roy Williams and his associates were able to identify the key major differences between those families who retained their assets and family unity post-transition and those families who did not. Those key differences serve as the basis for the 10 questions in our Family Wealth Transition Checklist and our more comprehensive 24-question Family Self-Assessment. Families who utilize these tools are able to compare their family’s responses to Roy's interview group of families. The results will gauge the family heirs readiness for wealth transfer and pinpoint areas of concern. For advisors, these tools serve as the conversation starter in families seeking to understand if their families are at risk.

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