5 Steps to a Successful Transition of Family Wealth

Roy Williams and Vic Preisser. Preparing Heirs: Five Steps to a Successful Transition of Family Wealth and Values. Robert D. Reed Publishers, San Francisco, CA. 2003. 182 pages. $19.77 from Amazon. 

If you have worked hard to accumulate wealth, you probably want to make sure your heirs don't lose control of it. Preparing Heirs gives families the tools to successfully transfer wealth from one generation to the next.

The authors, both of whom are family coaches with many years of experience counseling wealthy families, interviewed thousands of families and discovered that 70 percent of wealth transfers fail. Preparing Heirs explains the techniques that worked for the 30 percent of families that successfully "transitioned" wealth.

According to the authors, the key to a successful transition of wealth is family involvement. "The most important single issue that undermines successful transfers of wealth is the breakdown of trust and communications within the family unit," they write. Using handy checklists, Preparing Heirs discusses how to assess a wealth transition plan, how to fix deficiencies in the plan, how to prepare heirs, and how heirs can prepare themselves.

For mid-size and large estates, this book offers valuable advice on successfully transferring wealth to the next generation and beyond.