A moment can change everything.

Whether it’s an illness impairing judgment, an accident or unforeseen tragedy, thinking about life’s worst curveballs (never mind preparing for them) isn’t always on an investor’s radar. But not planning for them can be far worse—especially for those who’ve spent a lifetime accumulating and building their wealth. The Alzheimer’s Association reported that one in three seniors dies with Alzheimer’s disease or another form of dementia. According to a 2015 Rocket Lawyer estate planning survey by Harris Poll, 64 percent of Americans don’t have a will.

Families who employ irrevocable trusts do so for multiple reasons, chiefly lessening tax burdens when wealth is passed to heirs. Modifying an irrevocable trust used to involve lengthy, potentially costly, time in court. Depending on how recognisable the family name was, unwanted media attention could ensue. Decanting a trust today is not done in court, costs a fraction of what it used to and allows for an air of discretion and privacy.

Circumstances can change in an instant and electronic security, now more than ever, is an important step to take in thorough planning. If the head of a family’s health fails, their spouse has an accident or they simply find themselves out of the country in need of medical attention, how can families make wise decisions and access sensitive, often confidential information quickly?

Families who maintain and grow their wealth generation after generation take a multi-disciplinary approach to wealth management. While there is no “one size fits all” rule, these fundamentals are worth noting:

The first area, growing, preserving and transferring wealth, is generally well known.

Baby boomers and elders (those above 76 years of age) were surveyed in the Allianz American Legacies Pulse Survey and assets were not found to be the most important inheritance going to heirs. Rather, learning and embodying the values of the family was viewed as far more significant.

“Honesty is the first building block of any framework or structure that you are going to offer your family. Make sure the adviser works only for you and your family. Having the adviser receive compensation from any other source anywhere is a prescription for disaster, meaning conflicts of interest.”

Conservation easements are at times misunderstood; however, it’s worth investigating your eligibility.  If an easement is appropriate for your property, you can preserve American green space, create a legacy, protect your property’s ecosystem and reap the benefits of a substantial tax savings.

Legally binding obligations that limit a property’s future use, conservation easements often protect biological, ecological, scenic, and historical resources.  In addition they can serve as public parks.  The way it works is a conservation easement limits commercial and industrial use, restricts or prohibits development and curbs other activities on the property.

Neuroeconomics has gained attention in recent years.  While it’s not exactly news, research continues to lift the veil on the mental processes behind people’s choices.  Why would anyone, particularly a savvy investor, continually try to defy biases rooted within our neurobiology?

It’s unlikely it is for human beings to escape the predispositions of our complex brains.  Inclined to see patterns where none exist, it is normal to make causal inferences.  But this kind of thinking leads to faulty conclusions and biased decision-making.

Building a successful, sustainable business from the ground up is rarely an easy road.

Those who do well overcome what are often tremendous obstacles and monumental sacrifices.  Time is a non-renewable resource. Missed recitals, childhood tournaments, milestones and even general health can take a back seat—sometimes for years at time.

As a company grows, an owner may assume risks to bring the business forward fueled by nothing more than a positive outlook on the future.  It’s this dedication to delivering what was promised, maintaining the business’ reputation, commitment to quality and care that allowed the business to flourish in the first place.

Successful multi-generational wealth transfers are not based on investment strategy alone—nor is wealth preservation helped along by a series of complicated trusts and holdings. What separates families who successfully grow their fortunes, generation after generation, from those who end up destroying wealth?

It sounds deceptively simple – but it’s worth noting since many families do not take the time to examine what they communicate both verbally and non-verbally to their heirs.