Less than half of wealthy families have plans in place for transferring their assets to the next generation, according to a new survey.

The survey, by the SEI Network, of more than 100 individuals representing families with an average net worth of more than $20 million, found that only 46 percent said they have a wealth transfer strategy or plan in place.

Thirty-eight percent said they have prepared a will, but done nothing else. Eight percent of the respondents said they have done nothing so far.

The findings indicate a barrier to future generations’ ability to sustain their parents’ wealth, and a lack of focus or desire to create wealth transfer plans among high-net-worth families, despite clear future intentions for their wealth.

The overwhelming majority of those polled (80 percent) said they expect to pass on their wealth to direct family members. Nearly all of those polled (97 percent) said they believe the future generation has the ability to continue creating wealth and improving the lives of their families. However, families with plans to transfer that wealth remain in the minority.

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