As we approach the greatest transfer of wealth in history, many families face a fundamental question: how can they pass on their assets while preserving balance, harmony, and their core values over the long term? Beyond the financial amounts involved, the quality of preparation, clarity, and communication turns an inheritance into a true driver of continuity and cohesion. Discover how to combine wealth transfer and generational adaptation while preventing conflicts during this pivotal period.
In the coming years, the world will witness an unprecedented phenomenon: the largest intergenerational transfer of wealth in history. In Europe alone, nearly €9 trillion is expected to change hands by 2040, around €677 billion per year. [1] Switzerland is fully part of this trend, with nearly CHF 100 billion transferred annually and about half of private wealth made up of inherited assets. [2]
The topic of wealth, often addressed mainly from a legal or tax perspective, goes much further as it touches on family identity, cohesion, and the transmission of values. The Generations Barometer 2025 [3] shows that inheritance represents, for many, the most important financial moment of their lives. Yet, only half of Ultra High Net Worth (UHNW) families have a succession plan in place, with variations depending on geography.
While most believe that wealth and values should primarily go to descendants or spouses, the absence of dialogue remains a significant risk factor. Succession planning is often not viewed as a priority for several reasons: wealth owners feel they still have plenty of time to handle it later, they have not yet decided how to divide their wealth and assets, or they haven’t had time to discuss it with their family office.
Finally, only a small proportion of families (26%) involve the next generation from the outset in the full succession planning process. [4]
The baby boomer generation has reached the age of passing on assets, while younger generations’ expectations are evolving, and the average age of inheritance is shifting to around 58–60 years. Wealth transfer goes beyond finances; it also includes a psychological legacy made of values, guidance, traditions, and sometimes change or rupture. [5]
Passing on or ensuring continuity?
To pass on wealth means transferring it from one generation to the next. To ensure continuity means embedding this process in time, taking into account social change and family history. Continuity requires a broader vision, one that includes preparation, flexibility, and dialogue among all family members. Its aim is to preserve the wealth’s ability to support the ambitions and projects of future generations, even when their goals differ (mobility, careers, social or environmental commitments).
In this context, wealth planning proves essential: to think clearly about one’s wishes, to discuss them openly with close relatives, to make use of appropriate tools, and to anticipate transitional phases. Among the solutions available, particular attention could be given to lifetime gifts or to a mandate in the event of incapacity.
- Lifetime gifts
Before making a lifetime gift, it is recommended to always clarify in advance the tax and inheritance implications, particularly in accordance with the applicable legislation and taxation. For example, they can be used to advance the transfer of assets between generations, which facilitates succession planning and stability. It is advisable to document lifetime gifts in writing and to inform all heirs to avoid potential disputes. An advancement of inheritance can, in particular, be used to ensure fairness among children or to provide financial support to a family member at a key moment (such as for education or property acquisition). It is wise to check whether any exemptions or allowances apply and to consider the risk that a lifetime gifts made less than five years before death may be subject to inheritance tax later.
- Mandate in the event of incapacity
It is important to establish a mandate in the event of incapacity, particularly for couples and individuals with complex assets. This mandate is a written and highly personalised document, in which the principal (the person concerned) appoints one or more agents, who may be natural persons or legal entities. The tasks assigned to the agent should be defined as clearly as possible: personal assistance, asset management, and representation in legal matters.
Preventing conflicts during wealth transfer
The transfer of wealth requires careful planning to prevent family disputes, which often arise from misunderstandings or a lack of awareness of the deceased’s intentions. One of the most effective solutions is the drafting of a clear and precise will, which can help dispel ambiguities and potential challenges among heirs.
In succession law, several types of wills exist, each catering to specific needs:
- A holographic will, entirely handwritten, dated, and signed by the testator, is simple to create but may be contested if there are formal defects.
- An executed (notarial) will, drawn up by a solicitor or notary in the presence of witnesses, provides significant legal security thanks to its formalities and official registration.
- For information, there is also a very exceptional form known as an oral will, admissible only in cases of imminent danger, whose validity is limited in time.
Each type of will offers distinct advantages, allowing succession planning to be tailored to the testator’s circumstances.
Fostering open communication, through family meetings or written documents explaining the reasoning behind decisions, helps align expectations and prevent jealousy or resentment. The keys are planning, transparency, and mutual understanding.
Family conflicts often arise from poor communication or overly rigid succession management. Swiss experience shows that transparency, clearly defined roles, and careful preparation create a stable, peaceful framework for succession. Early dialogue not only reduces tensions but also integrates the heirs’ own aspirations, which may differ from those of previous generations.
Mirabaud: an inspiring example
Since its founding in 1819, Mirabaud Bank, now led by the seventh generation of the founding family, has embodied the principles of long-term wealth continuity. Relying on intergenerational governance and a long-term philosophy, Mirabaud practices listening, adaptability, and stability. The institution supports its clients over time, helping them structure their wealth and build bridges between generations. The Mirabaud approach thus illustrates the importance of dialogue, preparation, and openness, both within families and in how clients are supported.
The greatest transfer of wealth in history calls for renewed reflection: passing on wealth no longer means merely handing over assets, it means embracing the diversity of life paths, values, and aspirations. Ensuring continuity means creating a stable, peaceful, and adaptable framework, one that unites generations while respecting their differences. Families and institutions alike must rise to this new challenge: over history, the key to a success plan has been the natural human ability to have open and honest conversations with each other.
[1] 2025 EY Global Wealth Research Report
[2] Les héritages et les impôts : Que nous apprennent les données ?, Marius Brülhart Professeur ordinaire HEC, Université de Lausanne
[3] Baromètre des générations 2025, Maison des générations de Berne
[4] Baromètre des générations 2025, Maison des générations de Berne
[5] « Étude PwC Suisse sur la succession »
