In the first of a series of private wealth articles by ABL partners to be published in the AFR over coming months, Christine Fleer writes today that the best-run family dynasties treat succession planning as an ongoing process, locking in shareholder agreements, discretionary trusts, and family constitutions early, then refining them over time.
“Succession planning is where wealth collides with family politics, and nowhere does that hit harder than with lifestyle assets. Holiday homes, art collections – even private jets – are emotional lightning rods in the process,” Christine says. “They’re often precious legacies and deeply personal. But when it comes time to pass them on, they can become the epicentre of family conflict: who pays the bills and taxes? Who gets the keys? Should it be sold?”
While a will is essential, it is rarely enough, and even well-drafted wills can be challenged.
“Successful transitions require clear governance, early planning, and the flexibility to adapt to legal, tax, and family changes. The ultra-wealthy don’t leave succession to chance. Neither should anyone serious about protecting their legacy.”
