Mentoring Key to Smooth Succession Plan of Family Businesses I London I Familosophy

An Inheritance Boom is Coming 

Because of rising life expectancies, four generations of people are now alive at the same time for the first time in history, according to the United Nations Development Programme. The time of the transfer of family wealth is affected significantly as a result of this development.

Inheritance boom is projected when the Millennial generation inherits the riches of the Baby Boomer generation, however it is expected to peak in 2035, by which time the typical Millennial will have already exceeded the age of 60!

Some wealth creators are apprehensive about the prospect of giving the reins to their children while they are still alive, having witnessed other children squander their family's assets. There is always the possibility that the next generation will make a mistake; nevertheless, the previous generation can plausibly claim that they do not want to be there if and when this occurs.

It's debatable whether it's fair to make the following generation wait so long. Given that they will almost certainly enjoy the riches (and influence over the wealth) for many years to come, holding back can breed resentment and be perceived as condescending and patronizing.

Consider the following: When do you believe your children should be given the opportunity to inherit important family assets? Is it influenced by your own life experiences to some extent? What are you doing to prepare your children for the possibility of death, regardless of their age?