Protection, Preparation and the Next Generation – Rethinking Succession Planning for Young and Vulnerable Beneficiaries in the Public Eye

By 2030, an estimated £5.5–£7.7 trillion will pass to the younger generations in the UK, often dubbed the “Great Wealth Transfer”. Families are increasingly focused not just on passing wealth on, but on how it is received and managed to preserve that wealth and encourage opportunity.

This is especially challenging for families in the media, entertainment and creative industries, where wealth has accumulated rapidly, public scrutiny is heightened, and beneficiaries grow up financially inexperienced and in environments that differ significantly from those of their peers.  

Careful succession planning, alongside collaboration between the family and professional advisers, is essential to protect assets and help beneficiaries receive wealth with confidence.

The changing landscape of intergenerational wealth

The Sunday Times Rich List 2026 highlights the scale of wealth held across the UK, with the top 100 including many household names in media and entertainment.

While public focus centres on how an individual’s net worth rises and falls, a more enduring issue is how that wealth is preserved and passed to future generations, and whether the succession planning put in place will continue to keep the family name in the Rich List for years to come.  

Within these families, key concerns will include whether early access to capital will undermine motivation in education or career choices, the pressure of living up to a parental legacy or public profile, and the risk of financial exploitation by those seeking personal gain. While these beneficiaries may have the resources to succeed, they also face immense pressure that often attracts little public sympathy.

The role of a Discretionary Trust

A Discretionary Trust remains one of the most effective tools for managing succession where flexibility is required to support a growing beneficiary.

Unlike an outright gift, beneficiaries do not have an immediate entitlement to the trust assets. Instead, the trustees retain discretion over when and how distributions are made, allowing decisions to be tailored to a beneficiary's circumstances as they evolve.

For many families, this flexibility provides reassurance that wealth can be preserved whilst still being available to support beneficiaries when genuinely required.

Trustees are able to assess a beneficiary’s maturity and readiness to inherit wealth based on their individual circumstances and ongoing communication, rather than relying on arbitrary age thresholds that may not reflect their ability to manage substantial assets responsibly.

To distribute or not distribute

Trustees are required to balance asset preservation against beneficiary support. Distributions may be made for example towards educational expenses, property purchases, business or entrepreneurial ventures, medical and wellbeing needs, and generally where needed to support a beneficiary’s long-term development.

Equally important are circumstances in which trustees may decide that a distribution should not be made, for example where there is a risk of assets being lost through divorce, to creditors, due to alcohol or substance dependency, situations involving undue influence, coercive relationships, or financial exploitation.

Bridging the gap between trustees and beneficiaries

As a private client solicitor in the same age group as many of these next-generation beneficiaries, one observation that frequently arises is the communication gap that can exist between trustees and younger beneficiaries.

In the media and entertainment industry, trustees are appointed for their professional expertise, commercial judgement and industry experience. Beneficiaries, however, may have little understanding of trusts, fiduciary duties or the rationale behind trustee decisions and frequently perceive trusts and their trustees as restrictive and overbearing, making their wealth feel inaccessible simply because their purpose has not been clearly explained.

While trustees must remain independent and exercise their discretion appropriately, that should not have to compromise consistent and open communication which plays a key role in fostering trust and understanding. Explaining complex concepts in clear language and engaging beneficiaries in a manner appropriate to their age and experience can strengthen relationships and reduce the potential for conflict.

In an increasingly digital world, younger beneficiaries often engage with information differently from previous generations. Adapting communication styles can help beneficiaries feel informed, respected and involved in the process. In the same way, the next generation of beneficiaries is evolving, as are the professional advisers who support them.

Beyond legal structures: preparing beneficiaries for wealth

Whilst discretionary trusts remain an effective tool for protecting future generations, legal structures alone cannot prepare beneficiaries for the responsibilities that accompany significant wealth.

The importance of beneficiary preparation has been highlighted by the work of Jessica McGawley, founder and principal consultant of Dallington Associates, who advises ultra-high-net-worth families and next-generation beneficiaries. Her work demonstrates the challenges that can arise when substantial wealth is inherited without a clear understanding of the structures, responsibilities and expectations that accompany it.

For succession planning to succeed over the long term, it should extend beyond asset protection and incorporate education, engagement and open communication. A collaborative approach between families, trustees, advisers and beneficiaries can help develop financial confidence, encourage responsible stewardship and ensure that wealth becomes a source of opportunity rather than uncertainty.

Final thoughts  

Discretionary trusts remain a valuable tool for protecting wealth and providing flexibility for future generations. However, the most effective succession plans recognise that preserving assets is only part of the challenge. Preparing beneficiaries through communication, education and meaningful engagement is equally important.

As the Great Wealth Transfer gathers pace, the focus is shifting from what the next generation will inherit to whether they are prepared to inherit it. Families that address both questions are likely to achieve the most successful long-term outcomes.

Our expert Private Client team advises individuals across the creative industries on estate planning for the next generation and the careful structuring of creative assets. For further information, or to discuss how we can assist, please contact Stephen Patch or Isabel Solarte.

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