7 Ways Rich Families Keep Wealth Across Generations, Explained

Up to 66 percent of the wealthiest fifth report receiving inheritances or gifts, according to an international organization's report. Seven ways families keep wealth across generations follow, from a written will kept up to date to gifts made during life. Rules differ by place.

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Watch next:
How to Become a Millionaire (Federal Reserve Data): https://youtu.be/uXOvwUXK0vQ

Chapters
0:00 Intro
0:32 1. A written will, kept up to date
2:20 2. A trust that holds family assets
4:07 3. A named beneficiary on each account
5:51 4. Life insurance sized to the family's needs
7:31 5. Money lessons for the next generation
9:26 6. A family business with written rules
11:22 7. Gifts during life, not only at death
13:11 Recap

Sources
- An international organization's summary of key findings on inheritance taxation (2021): wealth transfers include gifts and inheritances; between one quarter and one half of households report receiving an inheritance or a substantial gift; among the wealthiest 20% of households, 39% to 66% depending on the country; wealth transfers may increase in value and in number: https://www.oecd.org/content/dam/oecd/en/topics/policy-issues/tax-policy/inheritance-taxation-in-oecd-countries-brochure.pdf
- A government guide, Making a will (printable version: what a will sets out, keeping it safe, making it legal, reviewing it every 5 years and after any major change): https://www.gov.uk/make-will/print
- A tax authority's guide, Trusts and taxes (printable version: settlor, trustee and beneficiary, what trusts are for, the trust deed): https://www.gov.uk/trusts-taxes/print
- A government page, Applying for probate: what is probate: https://www.gov.uk/applying-for-probate
- A tax authority's page, Rules on giving gifts (what counts as a gift, regular payments from income, keeping records of gifts): https://www.gov.uk/inheritance-tax/gifts
- A government health agency's checklist, Getting Your Affairs in Order: Documents to Prepare for the Future (will, living trust, papers in one place, reviewing plans at least once each year): https://www.nia.nih.gov/health/advance-care-planning/getting-your-affairs-order-checklist-documents-prepare-future
- A markets regulator's investor page, Transferring Assets (transfer on death registration): https://www.investor.gov/additional-resources/information/seniors/transferring-assets
- An insurance regulator's education page, Insurance products: Life insurance (term and whole life, premiums, early surrender): https://education.ia.org.hk/en/product/life-insurance.html
- The same insurance regulator's Protection Needs Assessment calculator (the mortality protection gap): https://education.ia.org.hk/en/tool/calculator.html
- A bank regulator's free money lessons for young people, from preschool to the last years of school, with guides for parents and caregivers: https://www.fdic.gov/consumer-resource-center/money-smart-young-people
- An international finance organization's Family Business Governance Handbook (family businesses in many countries, family constitution, family assembly, education committee, family office, succession planning): https://www.ifc.org/content/dam/ifc/doc/mgrt/family-business-governance-handbook.pdf

Research and fact-checking: Wealth Filings. Henry is a fictional, illustrated presenter. This video is for information only, not financial advice.