Preparing for the Great Wealth transfer

The ‘Great Wealth Transfer’ may sound like a future gazing moment, but it’s actually been happening for decades. Over the next 20–30 years, trillions of pounds are expected to transfer from Baby Boomers and older generations to Millennials and Gen Z through inheritances, gifts and estates, leaving many families with wealth they may not be prepared to manage and lawyers with unprecedented demand. 

Investing in cross-generational relationships 

As assets pass down, the next generation of beneficiaries will influence and eventually control adviser relationships. Firms that engage only at the point of death risk losing both relevance and revenue, as inheritors reassess who they trust to support them going forward.

Establishing trust across generations earlier is becoming essential. This doesn’t necessarily require becoming an ongoing ‘family office’ model overnight, but it may involve creating structured touchpoints before probate. Helping families understand what assets exist, where they are held and what happens if a death occurs unexpectedly can significantly reduce friction later.

In practice, the difference between a smooth estate administration and a prolonged one often comes down to preparation. When families lack clarity on where assets are held, the burden shifts to executors and advisers to reconstruct information under intense time pressure. That uncertainty heightens stress, delays progress and undermines confidence – precisely at the moment families are forming lasting impressions of a firm’s value.

Viewed through this lens, preparing for the wealth transfer is not simply about anticipating the transfer itself. It is about reducing avoidable friction over time and building relationships with the whole family that supports continuity as wealth moves across generations.

The gap between estate value and liquidity

One of the most persistent challenges in estate administration is timing. Inheritance tax can be due before families are legally able to access or sell estate assets, forcing them to find funds before the estate is released. This creates a gap between what an estate is worth on paper and what can realistically be accessed when money is needed.

Property-heavy estates may be substantial in value, but available cash is often limited when tax liabilities arise. Executors can find themselves under pressure from both sides: beneficiaries under financial pressure and eager for resolution, while legal and administrative obligations demand accuracy, diligence and time.

When there is no clear plan for how tax will be paid, incomplete information and uncertain valuations can quickly slow progress. In our experience, advising families on earlier preparation helps them understand how their circumstances may change and reduces avoidable delays at a time when financial obligations are already in motion.