As global wealth continues to be subject to a period of unprecedented generational transition, Daniel Channing uses this article to consider why succession planning has become one of the most strategically important priorities for ultra-high-net-worth (UHNW) families in 2026.

With trillions of dollars passing to the next generation over the coming decade, families should be reassessing how they preserve capital, sustain family enterprises and steward values across generations. Today’s environment — marked by geopolitical uncertainty, complex tax regimes, and rapidly evolving next-generation wealth objectives — has made comprehensive succession planning not only prudent but essential.

The Importance of Trust and Succession Planning in a More Complex Landscape

Trust and succession planning continues to form the backbone of UHNW succession strategies, albeit the tools and structures used today are far more sophisticated than in the past. Families are increasingly leveraging multi-jurisdictional trusts, private trust companies, and dynasty trust structures to protect wealth from fragmentation.

The most common considerations for any family considering this type of structure to support their forward planning include:

  • Retaining control vs mitigating key person risk
  • Considering the delegation of certain authorities, widening board composition (either by including key family members or professionals), creating committees or simply seeking wider family input on decisions can all help to transition the stewardship from one key person to those family generations who will soon have the majority beneficial interest.
  • Integration of operating businesses into trust structures, allowing for centralised governance and smoother leadership transitions.
  • Enhanced trust design incorporating education funding, entrepreneurial capital pools and impact-aligned investment mandates tailored to family interests.

The driving force on all of the above is to plan for the long-term stewardship of the wealth — ensuring the family’s economic core remains durable, adaptable and aligned with shared values.

Family Governance: The Glue That Guides Decision-Making

Technical planning alone is insufficient without a robust family governance framework. UHNW families should increasingly recognise that governance is the differentiator between successful multi-generational wealth transfer and the dissipation of wealth that so often occurs by the third generation.

Modern family governance systems include:

  • Family constitutions outlining mission, vision and guiding principles.
  • Defined roles for family councils, boards, and committees — separating emotional issues from financial decision-making.
  • Structured communication forums where family members can discuss business performance, philanthropic goals and investment strategies.
  • Succession pathways for leadership roles, ensuring next-generation family members are prepared, mentored and positioned to assume stewardship.

These mechanisms promote transparency, reduce internal conflict and foster a shared sense of purpose — crucial to sustaining wealth and unity in an era of increasing complexity and divergence.

Next-Generation Wealth Objectives: A Shifting Landscape

The rising cohort of inheritors in 2026 have different priorities and expectations from the family generations before them. Their vision of wealth goes beyond preservation and consumption; it is purpose-driven and often with a divergent and greater risk tolerance given the reset time horizons.

Any succession plans embarked on by the family need to reflect:

  • Greater time horizons as many next-gen leaders see the wealth cycle reset on the wealth passing to them. They, therefore, may see a 30+ year plan for the wealth and the alignment between investment objectives and corresponding family wealth values needs to adjust to this.
  • Entrepreneurial ambitions, including funding for personal ventures, venture capital activities and innovation in family enterprises with a different risk tolerance and appetite to the prior generation
  • Digital asset strategies, including tokenised assets and more digital focused business models.
  • Heightened focus on philanthropy and social change, with heirs viewing giving as a core part of wealth identity rather than an afterthought.
  • Desire for autonomy and enhanced control and influence, prompting more flexible trust structures and tailored governance frameworks.

Understanding these evolving objectives is essential. A succession plan that fails to incorporate next-gen goals risks disengagement and, ultimately, deterioration of family cohesion and wealth.

Conclusion

It is true to say that every new year presents a turning point for multi-generational wealth transition planning.

As UHNW families face shifting economic environments and divergent generational expectations, succession planning must be holistic and adaptive. The most resilient families are those combining:

  • Rigorous trust and succession structures that provide clear framework pillars around which the succession plan can be built and operated;
  • Strong family governance systems that ensure continuity, discipline and collaboration; and
  • A deep understanding of next-generation priorities that positions them not only as beneficiaries but as future stewards.

By embracing this integrated approach, UHNW families can navigate the complexity of today while setting a clear course for tomorrow — ensuring that wealth, values, and purpose endure for generations to come. It will be wise consider this type of planning a top priority for 2026.

Whitmill provides fiduciary, governance and succession support services to UHNW families and single family offices. To find out more please contact Daniel Channing, Group Head Private Clients on M: + 44 7829 948118 or E: daniel@whitmill.com