‘Nobody prepared them’: The ultrawealthy worry wealth will dull their heirs’ ‘drive and desire’ and so some aren’t telling them how much there is

For many ultra-wealthy families, preparing their children to inherit large fortunes poses a significant challenge. According to a June study by Bank of America, 61% of ultra-high-net-worth individuals surveyed expressed concerns about their children's motivation to manage inherited wealth. To address this, some families are taking measures such as supporting their children's business ventures, adding provisions to trusts, and withholding the full amount of family wealth from them.

However, only about one-third of these respondents believe their heirs are "very prepared" for their inheritance.

Matthew Saul, founder and CEO of wealth advisory firm Saul Wealth, told Fortune that families often worry their children are unprepared for large fortunes because they have not provided sufficient opportunities for them to learn. He emphasized that this is a planning problem that can be solved through open dialogue about family values, philanthropic goals, and intentions. Saul stressed that the collective mission of the family unit should guide these decisions, rather than any one member's personal desires.

A 2025 Fidelity study of parents aged 55 and older with at least $500,000 in investable assets revealed that inheritance conversations have been avoided by 68% of parents. The study found that parents are concerned about their children's financial readiness, with 43% believing their children cannot stick to a budget and 40% lacking confidence in their children's ability to manage debt.

Despite this, 95% of adult children claim to be ready to manage inherited wealth, while a quarter of parents disagree, citing concerns about their children's ability to handle their inheritance.

Experts like David Peterson, head of Advanced Wealth Solutions at Fidelity Investments, emphasize that planning for the future involves more than just protecting wealth—it's also about protecting relationships. Katie Carlson, head of wealth strategy at Bank of America Private Bank, echoed this sentiment, stating that 79% of respondents are already involving financial advisors in estate planning conversations with their children.

Despite this, only 20% of wealthy business owners have a fully documented succession plan, highlighting the importance of continued dialogue and collaboration among family members to ensure a smooth transition of wealth and values.