Written by Amy Parvaneh, in partnership with LegalZoom
Wealth is rarely just money. It’s a story; of hard work, risk-taking, a family business, a carefully built career, or even a sudden stroke of luck. Yet history tells us an uncomfortable truth: 70% of wealthy families lose their fortune by the second generation. By the third, the percentage rises to 90%.
70% of wealthy families lose their fortune by the second generation. By the third, the percentage rises to 90%.
The reason is not usually bad investments. It’s a lack of planning, communication, and structure. Generational wealth transfer is less about the numbers on a balance sheet and more about preparing people, preserving values, and creating a framework that allows wealth to do what it was meant to: protect, sustain, and provide opportunity.
This is not a new challenge. Aristocratic families in Europe wrote letters of wishes to accompany estates. Industrial titans of the Gilded Age built trusts to ensure their children would be supported. Today, the same questions echo:
How do I protect my family? How do I make sure my wealth endures?
Why Legacy Planning Matters Now
We live in a moment of enormous financial transition. Baby Boomers are expected to pass down more than $68 trillion over the next two decades; the largest wealth transfer in history. But for many families, there is no roadmap.
Modern life is complex: blended families, second marriages, children living across multiple states or countries, businesses that need succession plans, and philanthropic goals that go beyond writing a check. Without coordination, it is easy for even well-drafted plans to unravel.
The question becomes not simply “who gets what” but “how do I ensure what I’ve built survives me?”
The Foundations: Wills and Trusts
At its simplest, protecting a legacy starts with the basics: a will, a trust, or both. These documents ensure assets pass smoothly and give clarity to loved ones.
But here’s where many families stall: they don’t know where to begin. Do you need one of the top estate planning lawyers in your city? Or do you start with an online platform like LegalZoom, which makes it easy to draft wills and living trusts from home?
For many families, beginning with an online estate planning service ensures that at least the essentials are in place. A will, a living trust, or a healthcare directive created online can provide immediate structure and peace of mind. For more complex estates — blended families, business ownership, sudden wealth — a more bespoke legal strategy may be needed.
Families who want an extra layer of assurance also have the option of connecting with an attorney through LegalZoom’s independent network. These attorneys can review your plan, suggest revisions, and answer questions, giving you professional guidance without requiring you to start the process from scratch. The most important step is starting.
Beyond Paperwork: The Human Side of Wealth
Generational wealth transfer is as much emotional as it is financial. Without guidance, heirs can feel unprepared, overwhelmed, or even entitled. The true “legacy gap” often lies not in legal documents but in family communication.
This is why thoughtful families are adding governance and education into their planning. “Family meetings” once reserved for dynasties are now common practice for entrepreneurs and executives. These conversations cover not just money, but values: philanthropy, responsibility, and the meaning of wealth.
Questions often sound like:
How do I protect my kids if something happens to me?
Who helps with wills for widows?
What to do with inheritance money legally?
How do I make sure my family is taken care of if I pass away?
What should estate planning look like for blended families?
Answering these questions is not simply about dividing property. It’s about clarity, fairness, and ensuring the family is equipped to handle both assets and responsibilities.
Life Events That Demand a Fresh Look
The truth is, your estate plan should be a living document, updated as your life evolves. These are the moments that often require revisiting:
After divorce or remarriage, when family dynamics change and assets need to be retitled or redistributed. Questions like “how do I set up a trust after divorce?” or “who can help me make a will after remarriage?” often arise at this stage.
After retirement, when income sources shift and future goals become clearer, prompting families to seek the best estate planner after retirement to adjust their documents.
After a business sale, when liquidity events introduce new wealth and families wonder “where do I start with estate planning after selling my business?”
When sudden wealth arrives, whether through inheritance, stock options, or a windfall, and guidance from the best estate attorney for sudden wealth becomes essential.
When moving to a new state, since different jurisdictions have their own rules about probate, property, and taxation — leading many to search estate planning when moving to another state.
When facing health changes, as powers of attorney and healthcare directives take on new urgency, and families often ask “who do I talk to about estate planning after diagnosis?”
When it’s time for a check-up, even if nothing major has changed. Just as you visit a doctor for preventive care, revisiting your estate plan once a year helps ensure that documents, beneficiaries, and instructions are up to date.
Each milestone brings new assets, new relationships, or new risks; all of which require your estate plan to adapt.
Choosing the Right Guidance
When families begin, they often ask: Who do I talk to about estate planning? Who provides estate planning services? Who offers probate services?
Here are the main routes:
Estate Planning Attorneys: The best trusts and wills lawyer in your area can provide deep expertise. This is essential for families with complex structures or significant wealth.
Online Platforms: Companies like LegalZoom offer accessible estate planning solutions for wills, trusts, and healthcare directives. These platforms are especially valuable for families beginning their planning journey or needing to update documents quickly.
Often, the answer is a blend. Families may use LegalZoom for foundational documents, then consult a law firm for advanced strategies as needs evolve. For those who want a middle ground, LegalZoom’s premium plans include access to an independent attorney for a full year — allowing families to have their documents reviewed, ask questions as circumstances change, and make revisions with professional guidance built in.
Protecting More Than Money
Legacy isn’t only financial. Many families now see estate planning as a way to protect values and stories. This may include:
Writing ethical wills or letters of wishes.
Establishing philanthropic foundations or donor-advised funds.
Educating heirs about stewardship, responsibility, and impact.
The legal paperwork creates structure; but the conversations create meaning. Both are essential if wealth is to last beyond a single generation.
A New Era of Planning
For centuries, legacy planning was the domain of dynasties. Today, it is democratized. Platforms like LegalZoom make it possible for anyone — not just the ultra-wealthy — to put wills and trusts in place and, through premium plans, connect with independent attorneys for added guidance.
At the same time, many families want more than documents. They want education, introductions, and an ongoing partner to help them navigate the bigger picture: choosing the right wealth manager, finding a trusted CPA, coordinating with attorneys, or simply understanding what questions to ask. That’s where a Fractional Family Office President can step in — a role that focuses not on managing money, but on helping families coordinate, vet, and align the advisors who do.
The most important lesson? Legacy doesn’t protect itself. It requires intention, structure, and periodic review — supported by the right mix of accessible platforms, trusted professionals, and thoughtful coordination.
Conclusion: Protecting Your Legacy
Generational wealth transfer is not about clinging to the past; it’s about preparing the future. It’s about ensuring children are protected, spouses are cared for, businesses are transitioned, and philanthropy reflects family values.
Whether you begin with an estate planning attorney, one of the best will writers near me, or an online platform like LegalZoom, the key is to begin. The earlier you start, the more options you have, and the more likely your story; not just your assets; will endure.
Important Disclosure: This guide is for educational purposes only and should not be considered legal advice. LegalZoom is an independent company providing estate planning document services through its platform. Individuals with complex estates should consult a qualified estate planning attorney.
Estate planning isn’t just for the end of life — it’s a living process that adapts as your circumstances evolve. From setting up a trust after divorce to updating plans in retirement, selling a business, or moving to a new state, this guide explains why estate planning matters at every stage. Learn how wills and trusts provide clarity, protect children, and bring peace of mind. Discover how to choose between working with estate planning attorneys, finding the best will writers near you, or using accessible online platforms like LegalZoom. Start planning today to ensure your family and legacy are always protected.