What Will Your Wealth Mean to the Next Generation?

Tue Sep 15 2026
What Will Your Wealth Mean to the Next Generation?

Wealth is more than what we leave behind. It is also the values, opportunities and choices we pass on.

When we think about our financial future, much of the conversation naturally focuses on our own lives: Will we have enough to retire comfortably? Can we enjoy the things that are important to us? How do we protect what we have built?

But there is another question that is often left until much later:

What do I want my wealth to achieve for the people who come after me?

For some people, the answer is straightforward. They want to leave their children and grandchildren a financial inheritance.

For others, it might be helping a child buy their first home, funding education, supporting a family business, providing opportunities to travel, or simply giving the next generation a stronger financial starting point than they had themselves.

And for many, it is not really about the money at all.

It is about passing on values, knowledge, experiences and a sense of responsibility.

As Certified Financial Planners, we believe these conversations are worth having well before an inheritance becomes a reality.

Start with the “why”

One of the most useful questions you can ask yourself is:

“If I knew my family would be financially secure, what would I want my wealth to do for them?”

Perhaps you would like to:

Give your children a helping hand when they are starting out.
Help grandchildren with education or their first home.
Give your family greater financial security.
Support a child who may need additional help throughout their life.
Encourage entrepreneurship or other opportunities.
Provide experiences rather than simply leaving money.
Make sure family assets remain available for future generations.
Or simply give your children the freedom to make their own choices.

There is no right or wrong answer.

The important thing is to understand what matters to you.

Your wealth has probably taken many years to build. It makes sense to think carefully about what you would like it to accomplish.

An inheritance is not just about dividing up the money

A common assumption is that good estate planning simply means deciding who gets what.

But successful intergenerational planning is much broader than that.

It can involve considering:

Who?
Who would you like to benefit—children, grandchildren, other family members or perhaps charities?

What?
Do you want to leave money, property, investments, a business, family heirlooms or something else?

When?
Should wealth pass to the next generation immediately, gradually, or at particular stages of their lives?

Why?
What do you hope the wealth will achieve?

How?
What structures, ownership arrangements or professional advice might be needed to put your intentions into practice?

And perhaps the most difficult question:

Will the next generation understand what you are trying to achieve?

The conversation can be more valuable than the inheritance

Money can be an uncomfortable subject within families.

Parents may worry that talking about their wealth will create expectations. Children may feel uncomfortable asking questions because they don't want to appear interested in an inheritance. Grandparents may want to help but aren't sure how much information to share.

Yet avoiding the conversation can sometimes create more uncertainty than having it.

You don't necessarily need to tell your family exactly how much you have or what everyone will receive.

Instead, you can start by talking about your values and your intentions.

For example:

“We've been thinking about what is important to us and what we'd like to achieve with the things we've built over our lifetime. We'd like to talk to you about it—not because we're expecting anything to happen, but because we'd like you to understand what matters to us.”

That can be a much easier conversation to start.

What do you want your children to understand about money?

Passing on wealth also provides an opportunity to pass on financial knowledge.

Consider what you learned about money when you were growing up.

Did your parents talk openly about finances?

Did you learn about saving, investing, debt and planning—or did you have to work it all out yourself?

Now consider the next generation.

What would you like your children and grandchildren to know about managing money before they inherit it?

Perhaps you would like them to understand:

The difference between spending and investing.
Why having a financial plan matters.
The importance of diversification and taking a long-term approach.
How debt can help—or hinder—financial progress.
Why protecting income and assets matters.
The importance of having appropriate wills and estate arrangements.
How to make financial decisions without being driven by emotion.
When to seek professional advice.

An inheritance can provide an enormous opportunity.

But financial capability can help ensure that opportunity is used well.

Equality doesn't always mean fairness

This is another conversation worth having.

Many families instinctively think about dividing an estate equally between children. But circumstances aren't always equal.

One child may be financially independent. Another may be struggling.

One may have received substantial help buying a home. Another may not.

There may be grandchildren with different needs, a family business to consider, or a child who requires additional long-term support.

So it is worth asking:

“What does fair mean to us?”

Fair might mean equal.

But it might also mean providing different forms or amounts of support based on individual circumstances.

There is no universal answer. What matters is that your intentions are considered carefully and communicated appropriately.

Don't wait until something happens

Intergenerational planning is often left until there is a health event, a death in the family or some other trigger.

By then, decisions may need to be made quickly.

A better approach is to start while everyone is able to participate.

Think about your planning in layers:

Your life today

First and foremost, your wealth should support the life you want to live.

Enjoying your retirement, travelling, helping family along the way and spending money on the things that matter to you are all legitimate uses of wealth.

Your lifetime giving

You may decide that helping your family while you are alive is more meaningful than waiting until after your death.

That could include helping with education, a home deposit, an investment portfolio or another significant milestone.

Your estate

Your will, ownership structures, trusts, beneficiary arrangements and other estate-planning considerations can all play a role in determining what happens to your wealth.

These arrangements should be reviewed as circumstances change.

The next generation

Perhaps the most overlooked layer is preparing your children and grandchildren.

They don't necessarily need to know every detail.

But helping them understand your values, your expectations and the principles behind your decisions can make a significant difference.

Start small

You don't need to organise a formal family meeting around the dining table with a stack of legal documents.

In fact, that might be exactly the wrong approach!

Start with a conversation.

Ask your children what they think about money.

Ask them what they would want to achieve financially over the next 10 or 20 years.

Ask your grandchildren what they are learning about money and investing.

Tell them something about your own financial journey—including mistakes you've made and lessons you've learned.

These conversations can evolve naturally over time.

And importantly, they can create an environment where seeking professional financial advice becomes normal rather than something that only happens when there is a crisis.

Consider involving the next generation in financial planning

If you already work with a financial planner, there can be value in gradually involving your children or other family members in appropriate conversations.

This doesn't mean handing over all your financial details.

It could simply mean introducing them to your adviser and helping them understand the principles behind your financial plan.

For example, a family might eventually have conversations around:

The family's overall financial goals.
How investments are structured.
Retirement and succession planning.
Wills and enduring powers of attorney.
Trusts and other ownership structures.
Business succession.
Insurance and protection.
How future inheritances may be managed.
Financial education for younger family members.

Your financial planner can help facilitate some of these conversations, while lawyers and other professional advisers can provide specialist advice where required.

Your legacy starts long before your estate

When we hear the word “legacy”, we often think about what happens after we die.

But perhaps legacy should be thought about differently.

Your legacy is being created now.

It is in the way you have raised your children.

It is in the opportunities you have given them.

It is in the lessons you've taught them.

It is in the values you have demonstrated.

And, ultimately, it may also be in the financial resources you leave behind.

The question is not simply:

“How much will I leave?”

A more meaningful question may be:

“What difference do I want what I've built to make?”

That is a conversation worth having.

And you don't have to have all the answers before you start.

A few questions to think about

Take some time to consider these questions—and perhaps discuss them with your partner or family:

If my children and grandchildren remembered one thing about how I approached money, what would I want it to be?

What would I like my wealth to enable the next generation to do?

Would I rather help my family during my lifetime, leave an inheritance, or a combination of both?

What does “fair” mean to me when it comes to my children and grandchildren?

Do my family members understand what is important to me?

Are they financially prepared for the responsibilities that may eventually come with wealth?

If something happened to me tomorrow, would my family know where to find the important information and who to speak to?

When was the last time I reviewed my estate and succession arrangements?

You may find that some of these questions are easy to answer.

Others may not be.

That's okay.

Sometimes the most valuable part of financial planning is simply starting the conversation.

Your next step

If this has prompted you to think differently about your own wealth and what you would like to pass on, consider making time for a conversation with your family—and with your financial planner.

There is no single “right” way to pass wealth on.

The right approach is the one that reflects what matters to you, your family and the life you want your wealth to create—both now and for generations to come.

This article is intended as general information and a starting point for discussion. Estate planning, trusts, wills, gifting, tax and succession arrangements can have legal and financial implications. Personal advice should be obtained from appropriately qualified financial, legal and tax professionals.

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