Building a Legacy: How to Ensure Your Wealth Lasts for Future Generations 

By Laurel Moulynox, Managing Director, Morrows Private Wealth

For many of the families we work with, wealth isn’t just about money – it’s about values, opportunities, and the ability to create a meaningful impact for the next generation. But transferring wealth successfully is about more than passing on assets. It’s about passing on knowledge, confidence, and the tools to make informed financial decisions.

Australia is on the verge of a major intergenerational transfer, with an estimated $3.5 trillion set to move from baby boomers to younger generations in the coming decades. Yet history shows that without careful planning, much of this wealth can be lost. Studies suggest that around 70% of family wealth disappears by the second generation, and up to 90% by the third. While these figures come from US research, the patterns are just as relevant here in Australia.

Start the Conversation Early
One of the most effective ways to preserve wealth is to involve your family early. Bringing children and younger relatives into financial discussions helps them understand your values, goals, and the responsibility that comes with managing wealth.

• Family Meetings: Introduce your family to trusted advisors and discuss financial goals openly. Regular meetings build understanding and alignment.
• Education from an Early Age: Teaching children and grandchildren about investing, saving, and responsible spending equips them with the skills to grow and manage wealth confidently.
• Involvement in Decisions: Allowing younger family members to participate in some investment or estate planning decisions helps instil respect for your family’s values and long-term strategy.

Create Structures That Protect and Grow Wealth
Trusts, wills, and other structures aren’t just legal formalities – they are tools to ensure that your wealth is preserved, managed wisely, and distributed according to your wishes.

• Asset Protection: Trusts safeguard assets from legal disputes and external risks.
• Control Over Distribution: You can decide how and when wealth is accessed by heirs, encouraging responsible financial decision-making.
• Tax Efficiency: Proper structures help reduce the tax burden and ensure your wealth works effectively for future generations.

Consult with Experts
Building a lasting legacy isn’t a “set and forget” exercise. Ongoing professional guidance ensures that your estate plan evolves alongside changes in the law, tax environment, and your family’s circumstances.

• Regular Reviews: Schedule annual reviews to adapt to changes in tax laws, market conditions, and family dynamics.
• Specialist Advice: Work with experts across legal, tax, and financial planning to ensure every aspect of your plan is optimised.
• Continuous Learning: Stay informed about financial strategies and estate planning developments to safeguard your family’s future.

Passing on More Than Wealth
Beyond assets, consider the wisdom and lessons you can share. Reflect on what worked in your financial journey, what you would do differently, and how your family can benefit from your experience. Coaching the next generation early helps them avoid common mistakes, take control of their financial future, and continue the legacy you’ve built.

At Morrows Private Wealth, we guide families through this process, helping you create a strategy that not only preserves wealth but also empowers the next generation. Whether you’re starting from scratch or refining an existing plan, we’re here to help you build a legacy that lasts.

Next Steps – How Morrows Can Help
Engage your family in the conversation today. Review your estate plan, consider the structures that protect your wealth, and begin mentoring your younger family members to take control of their financial future. A well-prepared next generation is the greatest legacy you can leave.

Whether you’re just starting your legacy planning or refining an existing strategy, we’re here to help you and your family every step of the way. Contact your Morrows advisor today to start building a legacy that lasts. 

Start Securing Your Family’s Legacy Today! Download Our FREE Template

A great first step in creating a lasting family legacy is downloading our Morrow’s Estate and Financial Emergency Plan template. Complete the form below to get your FREE copy now.

If you need assistance filling out the template or tailoring it to your family’s needs, contact your Morrow advisor. We’re here to support you every step of the way.