Rob Edwards is a nationally recognized adviser who helps millionaire families navigate the complexities of their wealth. At Edwards Asset Management, he helps clients build thoughtful, long-lasting legacies—not just financial plans.
This interview has been edited for length and clarity.
SUCCESS+: What exactly is wealth succession planning, and how is it different from just writing a will or naming beneficiaries?
Rob Edward: Wealth succession is about more than deciding who gets what. It’s your chance to shape your legacy intentionally and on your terms.
Wills and naming beneficiaries are good practices, but they simply allocate assets. Wealth succession planning goes beyond this and helps craft a lasting legacy that can have a major impact on the people and causes you care about most.
For example, when you use a simple will or just name beneficiaries, you’re essentially handing your heirs money without much direction. Succession planning, on the other hand, is still about passing on wealth—but with clear intent. You might set up a trust that specifies you’d like to help your children buy their first home, support their education or fund a business idea. That’s shaping a legacy, not just distributing assets.
S+: At what point should someone start thinking about succession planning? Is there such a thing as “too early”?
RE: It’s never too early. The sooner you start, the more control and peace of mind you’ll have. People often think planning is all about the money, but it also helps avoid unnecessary stress and conflict down the road.
When people wait too long, the consequences can be both emotional and financial. I’ve seen adult siblings stop talking to each other because of misunderstandings around who gets what. These situations often lead to increased legal costs and taxes. But even more damaging is the emotional fallout—resentment, stress and, in some cases, family relationships that are never repaired.
S+: What are some common mistakes people make when planning to pass on their assets?
RE: People usually either wait too long, keep their plans a secret or assume everyone is on the same page about what’s most important. In my experience, clear and upfront communication beats complexity every time.
S+: How often do people delay planning because they think they’re “not wealthy enough”? What would you tell them?
RE: All the time. In fact, I’ve been hearing this more and more lately. My belief is that if you’ve built anything that you value, then you’re already “wealthy enough.” Who cares what your neighbor is doing or what social media says? Succession planning is about preserving your legacy and protecting your loved ones—not about living up to someone else’s standards.
S+: What does a solid, modern succession plan look like in 2025? Are there elements most people wouldn’t think to include?
RE: There is a lot of uncertainty with tax laws right now. It also seems that inflation may be with us for some time. On top of that, life is fickle and always changing—sometimes unexpectedly.
So, in my opinion, a solid succession plan would include tax-smart trusts, investments that can outpace inflation and clear guidelines for how assets are to be used.
To expand on that: A trust that is “tax-smart” might be designed to reduce taxes by spreading distributions out over time or including charitable giving. An “inflation-proof” investment is one that grows alongside inflation—helping preserve a family’s purchasing power. Assets that tend to perform well in inflationary environments include stocks, real estate and commodities.
S+: How do personal dynamics—like blended families or different financial values among heirs—factor into a well-thought-out plan?
RE: Family dynamics are usually the toughest part. A well-thought-out plan tackles these issues upfront in a clear, direct and honest way. Getting everyone on the same page today helps avoid conflict later.
For example, I recently worked with a client who remarried later in life, with adult children on both sides. We created a plan that openly discussed everyone’s expectations and then established separate trusts to honor each family’s priorities. This helped everyone feel heard from the start—and ideally, reduces tension down the road.
S+: What are some smart ways to set conditions around how money is used without creating resentment?
RE: Start your planning with your values and intentions—not control and ultimatums. With a strong moral foundation, your planning can help foster responsible stewardship rather than resentment.
One creative example I’ve seen came from a very entrepreneurial family. They added a “legacy match clause” to their trust. It stated that if their grandchildren earned money through internships or jobs, the family trust would match it dollar-for-dollar. I thought that was a clever way to reinforce the family’s work ethic while still providing support.
S+: What role do taxes play, and how can people minimize the tax burden for their heirs?
RE: Taxes are a huge consideration. They can’t be avoided, but they can be managed. And you don’t always need to jump through hoops to get the job done well.
Even straightforward strategies—like giving gifts while you’re still alive, using trusts strategically and choosing tax-smart investments—can make a big difference. The key is to plan ahead and be intentional.
S+: Who should someone speak to as they begin—do you need a whole team, or can one adviser help get things rolling?
RE: Start with someone you trust completely. Usually, there’s one adviser who really “gets” you and your family. That person can help you organize a team of specialists—estate lawyers, tax experts and more—when the time is right.
I started my career at a family office and saw firsthand how valuable it is to have multiple professional perspectives involved in the decision-making process. It helps ensure every base is covered.
S+: What’s one piece of advice you repeatedly give to shift mindsets about wealth transfer?
RE: I always remind clients: Think legacy, not just inheritance. Your wealth transfer should reflect who you are, what you value and what you want people to say about you when you’re gone.
S+: What makes a succession plan truly meaningful—not just financially, but emotionally or philosophically?
RE: It’s meaningful when it expresses your life’s work, your wisdom and your love. The most successful plans aren’t just about transferring wealth—they’re about empowering the next generation to thrive and carry forward your family’s values.
And here’s something I wish more people knew: Succession planning isn’t just a chore to check off. Yes, it takes time, though, and sometimes tough conversations. But when it’s done right, it brings families closer together. It creates unity and shared understanding around what really matters. That, to me, is the greatest gift you can leave behind.
Photo courtesy of Rob Edwards. This article originally appeared in the July issue of SUCCESS+ digital magazine.
