Wealth transfer

In this episode, Genevieve Cua speaks to Angie Han, Head of Wealth Planning for Pictet Wealth Management Asia, on the considerations to pay attention to when transferring wealth.

Seamless transfer of wealth involves more than just the legal and financial aspects of passing assets from one generation to another. It encompasses a holistic approach that considers the emotional dynamics, communication, and values within the family. While a will is a common tool for wealth transfer, it may not be sufficient to address the complexities and potential conflicts that can arise.

One of the main challenges in intergenerational wealth transfer is the breakdown of communication and trust within the family. Without open and honest dialogue about financial matters, family members may have different expectations or misunderstandings, leading to disputes and strained relationships. To overcome this, it is crucial for all generations to engage in ongoing education and communication about the family wealth, its purpose, and the responsibilities that come with it.

In addition to financial assets, families should also focus on preserving and passing on their intangible assets, such as family values, traditions, and the family's vision for the future. Identifying and articulating a family mission or purpose can act as a guiding compass, helping to align family members and provide a sense of direction. By discussing and documenting these non-financial aspects, families can create a strong foundation for the transfer of wealth.

Listen to the podcast to learn more about:

• How much wealth involved in the intergenerational wealth transfer in Asia
• Planning is required for wealth transfer: some considerations
• How family offices help in wealth structuring and transfer
• What a seamless wealth transfer means
• A will alone may not suffice; role of trusts
• Why 70% of intergenerational wealth transfers fail
• How philanthropy helps to keep families engaged
  

About WealthBT Podcast

Learn to protect and grow your wealth in this podcast series for affluent individuals, hosted by The Business Times wealth editor Genevieve Cua and Pictet experts in selected episodes.

Listen to more episodes with Pictet experts