According to a June study from Bank of America, 61% of ultra-high-net-worth respondents—defined as those with more than $25 million in investable assets by the study—said they were concerned about their children’s motivation. They are taking actions such as supporting their children’s business ventures (51%), adding provisions to trusts (41%) and not disclosing the full amount of family wealth to them (36%), the study found. 

 BofA also found that only about a third (36%) of those respondents say their heirs are “very prepared” for their inheritance. 

“Leaving a legacy for my children while still instilling in them the drive and desire to work and be productive” was the largest challenge in wealth planning, according to a UHNW Boomer in the study.

But Matthew Saul, founder and CEO of wealth advisory firm Saul Wealth, told Fortune families that worry their children are unprepared for large fortunes often have not given them enough opportunities to learn.

“When a family says the kids aren’t ready, what they usually mean is that nobody prepared them,” he said. “That is a planning problem, and it is solvable.”

“Whether it is the estate plan, the intention for a family property, or the philanthropic intent,” Saul continued, “those are dialogues a family should have together, both during life and about what happens after the eldest generation is gone. There is no benefit to leaving the next generation in the dark.”

That approach is being used by more of the ultrawealthy as their families are facing much more complicated futures. Longer lifespans extend the period during which multiple generations share financial decisions, and the transfer of businesses and other assets requires heirs to understand not only how to receive wealth, but also how to manage it.

And Saul says that younger heirs often want to preserve their family’s charitable traditions while giving in ways that reflect their own values. They might favor more hands-on involvement or a greater emphasis on measurable impact.

“What matters is how the family handles it,” Saul said. “Values can be imposed passively, with one generation steering another without ever saying so, or they can be worked out through open dialogue around shared family values and philanthropic goals and intentions. The point is the collective, the family unit and its mission, not what any one member wants on their own.”

No trust for Gen Z

A 2025 Fidelity study of parents 55 and older with at least $500,000 in investable assets  found that inheritance conversations have been avoided, with 68% of parents not having told their children what—or how much—they will inherit. The study found that parents worry about financial readiness in their kids: about four in 10 (43%) of parents don’t believe their children can stick to a budget, and 40% of them aren’t confident in their children’s ability to manage debt.

“Families who co-plan by discussing wishes, roles and responsibilities together, report greater confidence that their plans will be carried out seamlessly,” the study read.

The study also found that parents’ and children’s general expectations were also misaligned. Nearly all—95%—adult children said they are ready to manage inherited wealth, but a quarter of parents disagree, citing concerns about how their children will manage their inheritance.

“Planning for the future isn’t just about protecting wealth–it’s also about protecting relationships,” David Peterson, head of Advanced Wealth Solutions at Fidelity Investments, said in a press release.

A revolving cycle

But it may not be over for the younger heirs. Many of the ultrawealthy are still incorporating their children in wealth planning, building trust and responsibility in managing wealth.

“Our study suggests we should spend just as much time preparing the next generation for wealth,” Katie Carlson, head of wealth strategy at Bank of America Private Bank, told Fortune in a statement. “The good news is that 79% of respondents are already involving financial advisors, at least to some degree, in estate planning conversations with their children.”

Bank of America’s June study also found that while 78% of wealthy business owners considered succession planning important to their wealth strategy, only 20% had a fully documented succession plan. Family conversations were among the biggest estate-planning challenges for business owners.

More than nine out of 10 (92%) of wealthy respondents in the study considered longevity important to financial planning. Among wealthy business owners surveyed, 23% said they had inherited their businesses—up from 11% in 2024 and 5% in 2022.

And that same study on the $124 trillion wealth transfer also found that 79% of ultra-high-net-worth individuals involve financial advisors in estate-planning discussions with their heirs, but only 36% said their heirs were “very prepared” for inheritance.