Year in, year out, the findings of Julius Baer’s Family Barometer reveal the top priority for wealthy families is to ensure a successful wealth transfer and achieve their long-term objectives for wealth preservation, recognising their role as stewards of their legacy and values. These same priorities also apply to those who don’t have a next generation of the family to whom they can pass their wealth. Just because someone doesn’t have children or direct descendants doesn’t mean they don’t care about how they’re remembered for the impact of their life after death.
Overcoming emotional barriers to estate planning
Julius Baer includes estate planning as a core part of its wealth planning and wealth management, helping investors structure charitable giving in a way that is efficient, impactful, and in line with their long-term financial goals. Hendrik Kuhl, Head of Wealth Planning Germany at Julius Baer, works with clients to guide them through the variety of aspects of transferring wealth to causes they care about. He says that, with or without heirs, the first and most important step is to start and reflect on the purpose one intends their wealth to fulfill after their passing.
“Many people hesitate to bring up the topic of legacy planning with their wealth managers. One of the main reasons is emotional discomfort. Talking about legacy inevitably involves discussing mortality, which is something many prefer to avoid,” says Hendrik. “Estate planning also often requires deep personal reflection, not just on finances but on values and life goals. That can feel overwhelming or invasive.”
Who should handle your estate?
Perhaps this explains why, statistically, fewer than half of the population create a will and testament. However, if you die intestate and do not have any legal heirs, your assets may pass to persons you would never have intended to inherit from you.
For childless individuals, appointing an executor and power of attorney is another vital part of estate planning. Without direct descendants, they often look to trusted relatives, close friends, or professionals to handle their affairs.
“An executor manages the distribution of assets after death, while a power of attorney handles financial and legal matters during your lifetime, especially in cases of incapacity,” explains Hendrik. “If no suitable person is available, hiring a professional trustee or solicitor can ensure responsibilities are carried out impartially and according to legal standards.”
Estate planning as storytelling: communicate your legacy
While wealth planners like Hendrik work with legal and tax specialists to support clients in setting up wills and other legal structures to facilitate the transfer of their wealth, he says his role also involves helping clients understand their own values and goals. “It’s a creative process. We help them to move from a blank page to building the legacy that they want to leave.”
Many investors without heirs look inwards for legacy inspiration – towards personal passions of lifelong hobbies. A lover of classical music might fund a scholarship for aspiring musicians. A tech entrepreneur could back programmes teaching coding to underserved youth. A world traveller might support cultural preservation in regions they have visited.
“We start by asking the client what causes, communities, or ideas have shaped their life? It could be an alma mater, a local arts organisation, a wildlife conservation group, or a global human rights initiative,” says Hendrik. “I’ve had clients who’ve dedicated much of their working life to medical research. They want to know that the wealth they’ve accumulated is spent on prolonging this research, so they set up a vehicle to provide funds to others who’re doing exactly what they did in the past. It’s like they’re prolonging their own life story.”
Philanthropy: where passion meets strategy
Philanthropy is no longer a footnote to estate planning – it’s a strategy in itself. Caroline Piraud, Head of Philanthropy at Julius Baer, advises clients on the different philanthropic vehicles that allow investors to give meaningfully while preserving their assets.
She says the choice of vehicle for wealthy individuals depends on a combination of financial, personal, legacy and tax considerations. “Some people want full control over how their charitable funds are invested and distributed, while others are happy to have advisory rights and leave ultimate control with the sponsoring organisation.”
The desired public profile is also a factor. “Those seeking recognition or a philanthropic brand might be advised to turn to private foundation, as this offers visibility and naming opportunities,” explains Caroline. “Donor-advised funds, on the other hand, maintain anonymity, appealing to donors who prefer discretion.”
Caroline, Hendrik and Julius Baer’s other in-house wealth planning experts also work in close collaboration with the bank’s own philanthropic arm, the Julius Baer Foundation. A trusted partner to the world’s wealthy since 1965, the Foundation supports projects worldwide that drive change in addressing inequalities and uses its international network to connect the privileged and the disadvantaged.
Embrace the freedom and make it personal
At the heart of any legacy is personal meaning. The absence of children doesn’t mean the absence of impact. In fact, child-free investors often have the freedom to be more intentional and values-driven in how they direct their assets.
This freedom also comes with its own challenges. “Given the sheer number of issues in the world, many people struggle to find a focus for their giving,” says Caroline. “They may get pulled in different directions, and they start giving out donations left and right because they want to do something, even if the recipient may not be representing a cause close to their heart. This fragmented approach may dampen the impact they wish to have.”
To address this, Caroline and her colleagues take a creative approach. “Three years ago, we introduced a tool called “55 ways to discuss what matters to you”. We lay 55 value cards out on a table and ask the client to choose three images that speak to them personally. They shouldn’t overthink it. It should be intuitive – because philanthropy is always something that should come from deep within.” A focused and strategic philanthropy journey not only increases the impact, but also provides the opportunity to deepen the relevant expertise and decline unfitting donation requests confidently.
Why estate planning is about vision, not just wealth
As the approaches to estate planning adopted by wealth and philanthropic planners like Hendrik and Caroline show, legacy planning isn’t solely about choosing a destination for your assets – it’s about shaping a narrative. A clearly communicated plan that includes your intentions, your reasoning, and your vision can bring clarity and peace of mind to those you leave behind, even if they’re not family in the traditional sense.
For those without legal heirs, the canvas is wide open. And that freedom, if approached with care, can be one of the most rewarding parts of the financial journey. In fact, many find that starting to engage philanthropically during their lifetime, rather than waiting until after death, can bring a deeper, more personal sense of fulfilment.