New Quadrant partner Flora Hussey has featured in a Tatler article written by Annabelle Spranklen as she looks at the growing need for wills among young ultra-high-net-worths and how young heirs risk losing control of their legacy without a will in place.

Annabelle prefaces the article saying that wills were once the preserve of the elderly, but today’s ultra-wealthy families are facing a very different reality. Teenagers now often hold portfolios worth a whopping six figures or more, from digital assets and investment accounts to early inheritances and trust fund distributions. As a result, a will is no longer a formality for later life – instead, it’s quickly becoming a legal necessity.

Flora was one of the legal experts approached for comment and she highlighted that the timing must be handled sensitively. ‘We tend to advise that the next generation of wealthy clients should be involved in conversations about family wealth from around their mid-20s,’ she said. ‘The conversation is generally done in stages so the next generation are not overwhelmed.’

She stresses, however, that although too much information too early may have once seemed risky, today, early involvement, guided education and careful legal structuring are the keys to preparing the next generation for the realities of modern wealth.

Flora adds that philanthropic structures can serve as a useful introduction. ‘We have a Donor Advised Fund for clients and run a number of family charities. Those structures can be used as a gentle introduction to planning while promoting the growing philanthropic trend amongst the next generation.’

Annabelle wraps up the article with the conclusion that in a world where teenagers can code start-ups worth millions and hold diversified portfolios before they can legally order champagne, the quiet revolution in estate planning has already begun.

Flora Hussey is recognised in the Tatler Address Book advisory section for Tax, Trust & Estate Planning. You can read the full article here.