Legacy Series: Avoiding Common Mistakes When Transferring Wealth

An interview with Vance Wealth Vice President, Jerrod Ferguson

Q: What are some common mistakes high-net-worth families make when transferring wealth to the next generation?

Passing on a legacy isn’t easy, and there are three common mistakes we often see—mistakes that can be avoided with the right guidance and planning.

1. Not Having a Plan in Place

The most significant mistake? Not creating a clear plan for the transfer of wealth. Without one, families risk costly and stressful probate proceedings that can erode both finances and trust. Establishing a trust is one of the simplest ways to protect your assets and ensure your wishes are carried out in a clear and swift manner.

2. A “Set It and Forget It” Mentality

Even with a plan, many families make the mistake of letting it sit untouched for years. But life doesn’t stand still—laws change, families grow, and assets fluctuate. Your plan should evolve with you. That’s where we come in.

At Vance Wealth, we serve as your financial quarterback, working closely with your CPA and estate planner to help ensure every piece of your financial picture is connected. By regularly reviewing your plan, we help you adapt to life’s changes and keep your legacy aligned with your goals.

3. Lack of Communication with the Next Generation

The final and often most overlooked step is talking about your plan with your family. Open conversations allow your loved ones to understand your intentions, make informed decisions, and ensure your values—not just your wealth—are passed down.

We understand that starting these conversations can feel overwhelming, but you don’t have to do it alone. If you’re ready to start the conversation about your legacy, our team is here to guide you every step of the way.

Schedule a meeting to discuss your legacy plan today. Let’s plan for what’s next—together.

Stay tuned for more legacy tips in our next newsletter!