SOUTHERN TIER (WBNG) — A financial plan is important, but preparing your family is just as essential.
New research from Fidelity Investments finds that 37% of older adults have a high level of confidence in their wealth-transition plans.
Families are preparing for one of the biggest intergenerational wealth transfers in history, according to research from Masterworks. Fidelity’s 2026 Transition Ready Family Study looked at what helps families feel ready for that shift.
The study found that completing plans is important, but planning alone does not ensure families will feel prepared. Greater peace of mind comes when families also share information and discuss future responsibilities.
Chandler Riggs, vice president and financial consultant at Fidelity Investments, said being a transition-ready family means preparing for life’s major changes, including aging, illness, loss or passing on wealth.
“What we find is it’s so much more than just paperwork. It’s about having conversations, sharing important information and making sure loved ones know what to do when the time comes,” Riggs said. “So, when families combine planning with communication, they tend to feel much more confident and more prepared for the future.”
Riggs said increased wealth alone does not translate to greater peace of mind. She said confidence comes from having a clear plan, sharing the plan and making sure everyone knows their role.
“The good news is the conversations don’t have to happen all at once. The most important step is getting started,” Riggs said.
Riggs said the process centers on family values and figuring out who will step in to help based on individual strengths and weaknesses.
“It’s, ‘What do you want for your future?’ and then knowing who’s going to step in to help. ‘Hey, I put you in this role because you are really good at X, Y, or Z.’ or ‘I put you in this role because you’re really good at ABC; these are just natural things that you’re good at.’ So, I think that having those plans and communicating those plans really helps when you’re no longer here to make that a seamless transition,” Riggs said.
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