A successful wealth transfer depends on more than legal structures and financial planning.
Wealth transfer is often treated as a financial exercise, but legal structures and estate plans alone cannot prepare the people who will one day carry a family’s wealth and legacy forward.
BNY Wealth’s 2026 report, Wealth in Motion: Preparing for Wealth Continuity, Stewardship and Transfer, highlights a critical disconnect. While many ultra-high-net-worth (UHNW) families have developed sophisticated wealth transfer strategies, far fewer have prepared the next generation through detailed conversations about the responsibilities, expectations and purpose behind that wealth.
The consequences are significant: Families that communicate openly and intentionally report stronger alignment, greater confidence in heirs’ preparedness and fewer concerns about future conflict. Those conversations are not simply a complement to estate planning; they’re an essential part of it.
Plans Outpace Dialogue
Most UHNW families express confidence in their strategies; far fewer have translated that confidence into meaningful dialogue with their heirs. Fewer than one third report having had detailed conversations about their plans and 44% say discussions have remained at a high level.
That communication gap has practical consequences. Nearly half of current stewards say they are not confident that their heirs are prepared to manage significant wealth. Even well-designed estate plans can fall short when future family leaders lack a clear understanding of the responsibilities, values and expectations that accompany inherited assets.
The risks extend beyond preparedness. Forty-four percent of the study respondents say that wealth transfer has already created conflict within their families or that they expect that it could. Without intentional communication, families risk transferring assets without passing on the judgement and stewardship needed to preserve them.
Conversation Builds Confidence
How families communicate about wealth transfer directly influences how prepared they believe the next generation will be. Among families that have discussed their plans with heirs in detail, 89% are very or extremely confident their plan will achieve its objectives and that their heirs are ready to manage what they will inherit. Among families that have never had those conversations, confidence in their heirs’ preparedness falls to just 27%.
Many wealth owners recognize the challenge. Nearly half remain uncertain about whether their heirs possess the skills, maturity or financial knowledge required to manage significant wealth. Among those who question their heirs’ readiness, 45% cite limited experience managing substantial assets while 42% point to gaps in financial literacy.
Readiness is not inherited. It is developed. When heirs understand not only how wealth will be transferred but also why it exists and what responsibilities accompany it, they are better equipped to make thoughtful decisions, steward assets responsibly and carry a family’s legacy forward.
Best Practices for Closing the Conversation Gap
Closing the gap begins by making dialogue a core component of the wealth transfer strategy rather than treating it as an afterthought. Families benefit from: 1) beginning with purpose before mechanics; 2) explaining what the family’s wealth is intended to accomplish; and 3) discussing the responsibilities that come with inheritance before discussing legal structures or distributions.
Starting these conversations early creates opportunities for asking questions, exploring education and sharing an understanding before decisions become urgent. Independent advisors can also play an important role by raising questions that family members may find difficult to introduce themselves — helping to move discussions from avoidance to action.
Successful families also recognize that a single conversation is rarely enough. Governance frameworks, family constitutions, purpose statements and regular family meetings can help reinforce expectations over time, creating a shared understanding that evolves across generations.
Ultimately, wealth continuity depends on more than transferring assets. It depends on preparing the people who will steward them. Families that invest as intentionally in communication as they do in financial planning are better positioned to preserve not only wealth, but also the values and purpose that give it lasting meaning.
To explore the full findings from BNY Wealth’s Wealth in Motion research, download the report.
