10 things to consider when transferring wealth to your next generation

1) Have you equipped your next generation to deal with what they are going to own?
a. Money, leadership abilities/responsibilities, other?
2) Have you helped them build personal credibility?
a. Imposter syndrome and feeling you haven’t earned/deserve what you have can lead to a lot of
undesirable behaviours.
3) Their beliefs about money and wealth will shape how the handle what they inherit
a. How did you talk about money, purpose, responsibility etc. when your children were growing up?
What can you talk about now?
b. How do they view money and what can be done with it (for themselves and others)?
4) What are their dreams and passions?
a. It’s so important to support their dreams and help them to work out ways that they can pursue more
of that with what they are going to inherit (not less!)
b. Money is a fantastic tool/chance to do something (many things even) not nothing.
c. Doing nothing may lead to depression and a lack of self-worth over time.
d. However, supporting their dreams and unlocking their creativity can be good not only for them but
for both the whole family and the business.
5) You will be passing on so much more than money.
a. Have you talked about values and how you live them?
b. Have you demonstrated them through your action? If not yet, how could you do it now?
c. Have you talked about the culture in your business (if you have one) or your investment philosophy
(if you have one)?
d. Have you talked about the lives you impact?
6) Have you shared the family wealth/business story?
a. Do they know where the money comes from, who made, where, how and why?
b. Knowing the story can connect them to what you own in meaningful ways.
7) Purpose is a stronger glue than money/assets
a. Helping them to live their own and be part of a large purpose can bring meaning to their lives (as
well as everyone else involved).
b. Consider asking them to help define your purpose if you don’t have one.
8) Talk about doing good in the world with the assets that you have
a. They may have personal passions or project they’d love to support.
b. You may also have shared projects as a family that bring you close together
c. The key may be to do a bit of both
9) Do they talk to and connect with other next generation members in a similar situation?
a. It can feel lonely to be part of a family of wealth if you are not surrounded by others in a similar
b. Having peers to talk to about their concerns when it comes to wealth, ownership and money can be
enormously helpful and make them feel less alone.
c. Consider finding a group or membership body where they can meet peers.
10) Share your own journey with them
a. What has brought you joy
b. What was difficult and challenging
c. Where did you succeed and where did you fail
i. Helping them to see they don’t have to be perfect and never fail can be a great giŌ to
someone who grows up amongst highly successful people

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