Navigating Succession Planning

In this episode of Trusted Insights, Private Wealth Partner Aimee Mitchell is joined by Working Minds Psychologist, Evana Lithgow to discuss the intricacies of family governance and succession planning. Together they discuss the importance of starting conversations early, and strategies to prevent and manage family conflicts. With an expected $1 trillion in wealth to be transferred between generations in New Zealand over the next 20 years, Aimee and Evana delve into the reasons behind delayed succession planning, the importance of starting conversations early, and strategies to prevent and manage family conflicts.

[00:48] Aimee discusses the impact of the GFC and market conditions on succession planning, as well as the growing issues of incapacity, unexpected deaths, and family disputes.

[02:18] Evana shares insights on why families delay succession planning and where to begin. She outlines the importance of understanding the context and maximising time for conversations.

[04:25] Evana emphasises starting with small, meaningful conversations rather than elaborate plans and addressing concerns about children's reactions to wealth discussions.

[06:21] Evana advises parents to process their thoughts before discussing with children and noting the importance of context, story, and journey in succession planning.

[08:27] Evana discusses the need for gradual information sharing and managing expectations as well as choosing the right moment and being honest in discussions.

[11:05] Evana discusses the value of understanding one's own aspirations and contributing to the dialogue.

[14:42] Evana highlights the importance of inclusive, structured conversations and encouraging healthy, constructive discussions and understanding differences of opinion.

[18:14] Aimee and Evana discuss the importance of conversation and understanding before documentation. They mention the benefits of harvesting content for documents through discussions.

[21:03] They discuss the measures to prevent conflicts over inheritance and the importance of seeking diverse advice.

[25:58] Evana shares insights on managing conflict, emphasising good communication hygiene and understanding concerns and the importance of rich, dynamic communication and involving trusted advisors when necessary

Information in this episode is accurate as at the date of recording, Wednesday 26 February 2025.

Please contact Aimee Mitchell or our Private wealth team if you need legal advice and guidance on any of the topics discussed in the episode.

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