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Navigating Generational Change in Trusts


Dr Lami featured in a panel discussion with Farrer & Co providing insight into the challenges faced by beneficiaries and trustees for generational change.

She joins a recent panel discussion on trusts and the challenges of generational change. Dr Ronit Lami MSc, PhD. is a wealth psychologist licensed in the US and UK. Assisting wealthy individuals and families with the non-financial aspects of their wealth and their lives.

This panel discussion helps to highlight the difficulties faced and provide practical tips for dealing with the issues encountered by generational changes in a trust.

Areas covered include:

  • Educating beneficiaries about how trusts work, and the duties and responsibilities of trustees,
  • Communicating effectively with beneficiaries, and engaging with them proactively to minimise the risk of disputes, and
  • Identifying members of the trustee team (or the legal team) who can ‘cut through’ and speak to the younger beneficiaries in terms which they understand.


Psychological Implications of Generational Wealth Transition

The panel discussion, featuring Dr. Lami, also delved into the psychological complexities inherent in generational wealth transition. In a realm where financial and legal matters often take precedence, addressing emotional aspects can be neglected. This oversight may engender miscommunication and dissatisfaction among beneficiaries.

Hence, Dr. Lami, with her wealth psychology expertise, shed light on the emotional and psychological intricacies of the wealth transition process. She emphasized that understanding family dynamics, fostering open communication, and building emotional intelligence. Which are fundamental to mitigate potential conflicts and promote a smoother wealth transition.

In this vein, she also proposed psychological education for beneficiaries and trustees to improve their approach towards managing change. Whether you’re a beneficiary or a trustee, understanding the psychological facet of generational wealth transition is crucial.

Find out more by reading the full article below or to book a consultation with Dr Lami please get in touch here.


Read the Farrer & Co article here

Preparing the Next Generation for Wealth Transfer

One of the key topics that resonated with the audience was how parents can prepare their children for a successful wealth transfer. Many asked about the ideal age to start this preparation and the areas that should be covered.

I touched upon the eight essential areas that wealthy parents need to focus on to facilitate a successful transfer. These include teaching financial literacy, fostering emotional resilience, understanding the family dynamic and its impact of wealth transfer, being able to establish healthy communication channels, understanding the family wealth system, and instilling a shared sense of family values.

My Estate Planning and Wealth Transfer program is specifically designed to address these areas. The program offers actionable tools, interactive exercises, and evidence-based strategies to help families manage the complexities of intergenerational wealth. The programs ensure that estate planning is done with the utmost care for the legal aspects as well as the psychological and emotional one, and that wealth transitions are not only seamless but also deeply meaningful, strengthening family bonds and aligning wealth with the values that matter most.

I encourage readers to explore and inquire about this online program, which provides a comprehensive roadmap for building a legacy that goes beyond financial success. It equips families with the knowledge and skills to create enduring connections and sustainable wealth strategies across generations.

A Glimpse into a Subsequent Session

Charles Spencer, the 9th Earl Spencer, delivered a compelling keynote titled “Centuries in the Making: Evolutionary Strategies for Wealth and Legacy Preservation in a Changing World.” Drawing on the Spencer family’s centuries-long history, he provided unique insights into the evolution of wealth management strategies and their relevance in today’s world.

He shared approaches for preserving and growing family wealth while staying true to core family values and philanthropic commitments. His keynote also highlighted the need to adapt historical wealth strategies to meet contemporary challenges such as globalization, technological advancements, and economic uncertainties.

Earl Spencer brought these lessons to life through personal stories and leadership insights, offering practical guidance on resilience and stewardship for maintaining enduring family legacies.

Other topics throughout the summit included the evolution of wealth management strategies, the role of philanthropy in shaping family legacies, and innovative approaches to aligning personal values with financial goals. These conversations offered attendees a holistic perspective on the opportunities and challenges that come with wealth in today’s world.

The Summit’s Broader Impact

This year’s Elite Summit was more than just a conference; it was a vibrant place of ideas, featuring speakers from diverse backgrounds who shared a common goal of pushing the boundaries of traditional finance and philanthropy. The summit reaffirmed its role as a pivotal platform for future trends in family offices and wealth management.

Looking Forward

The insights garnered from this year’s summit are just the beginning. We continue to reflect on the knowledge shared and prepare for the practical applications in our lives.

For those eager to explore how wealth psychology can transform your family business or family’s wealth management, feel free to reach out. Let’s leverage the momentum from the Elite Summit to foster innovative solutions tailored to your needs.

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