What Should Be Included in a Transition Plan for Accounts, Records, and Relationships?

A transition plan should show what is moving, who owns it now, who will own it next, and what must happen before the handoff is complete. Include accounts, records, adviser relationships, permissions, deadlines, and open work so the family office can maintain continuity and follow up on gaps.

Inventory Accounts and Records

Create a list of relevant accounts and entities, with the institution or provider, the family member or entity connected to each, the current contact, and the authorized people who can give instructions. Do not place sensitive credentials in an ordinary transition document. Record where access is managed and who is responsible for obtaining or updating it.

For records, identify the type of document, where it is stored, the person or adviser who holds it, and how it will be transferred. This can include statements, transaction histories, tax files, contracts, entity records, investment reports, and estate documents, depending on the family's needs. Note which items have been received, which are incomplete, and which require follow-up. Talk with the family's attorney or CPA about legal or tax questions concerning access and retention.

Assign Relationships and Open Work

List each adviser or provider, the work they perform, the family office contact who will own the relationship, and the family member with authority to approve changes. Include communication preferences, recurring meetings or reports, and any engagement terms or permissions that affect the handoff. Ask each adviser to identify open matters, decisions waiting on the family, and upcoming deadlines.

For every open task, name the person responsible for completing it, the person who will review it, and the date or event that triggers the next action. If responsibility will shift from one provider to another, specify when the new process begins and what the current provider will continue handling until then. Record any dependencies, such as receiving records or written authorization.

Track the Handoff to Completion

Use a simple transition log to track requests, received materials, approvals, and unresolved questions. Schedule check-ins with the office lead and advisers while work is moving. Confirm that the new owner can access the information and perform the task before the old process is stopped. For high priority deadlines, identify a backup contact and an escalation route.

After the handoff, review whether reports, payments, communications, and other recurring work are reaching the right people. Update procedures and contact records based on what the transition revealed. A transition plan is a working document, so keep it accessible to authorized staff and revise it when responsibilities change.

Useful companion resources include what to request from existing advisers, coordinating adviser relationships, preventing gaps during a handoff, and organizing family records.

The talent resources, experience, relationship with the consultant, and time constraints of a family office's staff all play a part in the custody decision.

Sources: How to Start a Family Office, The Single Family Office. Informational only, not financial, legal or tax advice.