Managing Wealth Across Generations

Managing Wealth Across Generations 

Intergenerational wealth transfer is an increasingly prominent topic. Australia is set to see nearly $5.4 trillion passed from one generation to the next over the coming 20 years. This unprecedented shift highlights the importance for families to plan carefully—not only to preserve assets, but to ensure that family values and aspirations are carried forward. 

At Hewison Private Wealth, we believe true wealth is about more than financial assets. It encompasses the values, experiences, and opportunities you pass on. Yet, navigating the transfer of wealth can be complex, raising questions such as: 

• How can we prevent family misunderstandings or disputes? 

• Are our children prepared to manage their inheritance responsibly? 

• How do we safeguard assets and optimise tax outcomes, particularly when trusts or businesses are involved? 

• What steps can we take to ensure our family’s values continue into future generations? 

Proven Strategies for Effective Wealth Transfer

Drawing on decades of experience working with families, we’ve identified several proven strategies to help ensure a smooth, thoughtful transition: 

• Start the Conversation Early 

Open and honest discussions about family wealth, intentions and values are essential. Early communication sets clear expectations and helps foster understanding across generations. 

• Formalise Your Plans 

Well-documented and up-to-date estate plans are vital. Tools such as wills, trusts, and powers of attorney not only protect your wishes but also offer flexibility as life evolves. 

• Educate and Involve the Next Generation 

Building financial literacy and including younger family members in discussions about investments, business, and philanthropy develops confidence and a sense of ownership. We encourage our clients to include their children in review meetings to help bridge the knowledge gap early. 

• Review and Adapt Regularly 

Family circumstances and legislation can change over time. Regularly reviewing your structures with your adviser ensures your plans remain relevant and effective. 

• Seek Specialist, Independent Advice 

The intersection of tax, superannuation, legal, and family issues makes expert, independent advice essential. This tailored support helps you avoid costly mistakes and maintain family harmony. 

•  Creating a Lasting Legacy 

Successful wealth transfer is about more than money, it’s about securing your family’s future and upholding the values that matter most. With proactive planning and trusted guidance, your legacy can enrich generations to come. 

How We Can Support You?

For forty years, we’ve helped families navigate life’s biggest transitions. If you’re thinking about your legacy and how best to support the next generation, our team is here to guide you every step of the way. 

Disclaimer: Any information, financial product or advice provided in this post is general in nature. It does not take into account your needs, financial situation or objectives. Before acting on the advice, you should consider whether it is appropriate to you in light of your needs, financial situation and objectives.