Why 70% of Estate Plans Fail (and What Families Can Do Differently)
Last week, we had the privilege of hosting a compelling discussion between Mark Weber, author of A Spectrum of Legacies, and Truepoint advisor Scott Barbee, moderated by Michelle Hopkins of Greater Cincinnati Foundation and WCPO television. The conversation centered around a fundamental question: When 70% of estate plans fail, how can families ensure their wealth strengthens relationships, reflects their values, and leaves a meaningful legacy? The conversation led to thoughtful reflections on preparing the next generation, fostering stewardship, and aligning wealth with purpose.
We’re in the middle of the largest intergenerational wealth transfer in U.S. history. Trillions of dollars will pass from one generation to the next in the coming decades. For many families, this transition represents more than a financial milestone—it’s a defining moment that will determine whether wealth unites or divides.
The question isn’t just how much wealth will be passed on. The deeper question is: what will that wealth mean? Wealth comes with responsibility: to use it wisely, to prepare the next generation, and to align financial decisions with the values that matter most.
And yet, research shows that nearly 70% of estate plans fail. Not because of tax oversights or poor legal drafting, but because of two human factors:
- Lack of trust among heirs
- Lack of preparing heirs to receive wealth
When families avoid the conversations that build trust and prepare heirs, they increase the risk that even the best-structured plans will collapse. The result can be fractured relationships and squandered legacies. But it doesn’t have to be that way.
Beyond the Documents: The Real Questions Families Ask
Even the most carefully constructed estate plan can’t answer the questions so many families quietly wrestle with:
- How much is enough?
- How much should I leave my children?
- Will my children be good stewards of this wealth?
These aren’t technical questions for attorneys—they’re values-driven questions that require honest reflection and family conversations. And those conversations matter: they are the difference between an estate plan that unravels and one that strengthens a family’s legacy.
Building a Legacy, Not Just an Inheritance
Every family leaves a legacy. The question is: what kind will it be? Will it be the story of children locked in lawsuits, never speaking again? Or the story of siblings working together to strengthen their community in honor of their parents?
The difference comes down to preparation and communication. With wealth comes responsibility—and part of that responsibility is shaping how heirs understand, respect, and use what they receive.
Spectrum of Legacies author Mark Weber frames the wealth transfer conversation around three guiding questions:
- How did this come about?
Every family has a story of wealth creation—whether through entrepreneurship, investment, or steady discipline over time. Passing on that story, and the values that fueled it, is as important as passing on the assets themselves. - Are we doing good?
Legacy is not measured only in financial success, but in stewardship and impact. Families who align their wealth with their values—through philanthropy, community engagement, or intentional giving—create a living example for the next generation. - What happens when the money gets to the kids?
This is where preparation matters most. Most estate plans don’t fail because of legal structures, but because heirs weren’t ready or lacked trust in one another. The solution lies in honest communication and intentional education.
Practical Steps to Strengthen Your Plan
Here are a few ways families can move beyond paperwork to help avoid becoming part of the 70% of estate plans that fail:
- Talk openly about the wealth and your intentions. Weber encourages parents to share what heirs will inherit and why. While these may be hard conversations to initiate, they can build trust between siblings and create more prepared, confident heirs. One way to create space for these kinds of conversations is through a family meeting, where shared values, not just dollars, are discussed.
- Build responsibility through practice. Too much inheritance, too soon, can be harmful. As Weber says, “Wealth should be like medicine: given in the right dose.” Preparing children to manage wealth responsibly is as important as the amount they receive. Encourage heirs to donate, invest, and reflect on how they use money before they inherit to give them a sense of the responsibility that comes with managing money at any asset level.
- Tie giving to values. Don’t just “write a check”—engage as a family in philanthropy that speaks to shared values. Philanthropy, especially when practiced together as a family, creates a lived experience of stewardship. Additionally, if you want your philanthropic legacy with specific organizations or causes to continue after your death, share those wishes with your heirs and make plans for giving to continue after you’re gone.
- Leave guidance, not just assets. Estate documents determine how your wealth will be divided, but they can’t capture the meaning behind it. Personal letters to your children can continue the story—sharing the values, lessons, and hopes that shaped your wealth and guiding how your legacy is carried forward.
A Call to Action
Legal documents are essential—but they’re only half the plan. To ensure your wealth strengthens rather than divides, you must also invest in the preparation of your heirs, building trust between family members, and facilitating open conversation.
A Spectrum of Legacies by Mark Weber is an essential guide for families seeking to do more than simply pass on wealth. Filled with practical insights and thought-provoking questions, it helps parents prepare the next generation to steward wealth with purpose and create a lasting, values-driven legacy.
For those interested in discussing how to implement some of these tools with their family, our team is here to help.
