When working with high net worth families, it is easy to see them as homogenous. Of course, they are not. They are made up of individuals the same as any other group. However, it is important for these families to have a solid sense of their own traditions and values.
In most cases, there will be an individual who has become, often organically, the steward of these family traditions and values. Families should be encouraged to formalize this arrangement so they have a family steward who can help them define and protect their non-financial assets and philanthropic goals. This stewardship is an easy way to perpetuate a family's legacy.
Not all family members get along, and some may be closer than others. There may be heirs who do not feel comfortable with the trustee or family steward the majority has chosen to speak for them. It's not unusual for power struggles and intrigue to occur within the family unit. This is especially true when the chosen representative is not one that many would have expected.
Getting information from every family member about their values, about how they see the family traditions, and about the relationships within the family can help you identify who is really key to perpetuating tradition. Whoever this person is, it is important to work with them to help the family stay together, avoid disputes, and reduce the risk of wealth not surviving into the next generation. Many high net worth families do indeed lose significant amounts of wealth when the head of the family passes. Stewardship is an important way to ensure that it is retained and that the family does not split over the inheritance.
The best way to do this is to use software which is designed to record and track non-monetary values and
relationships that allow families to communicate about these valuable assets.
In most cases, there will be an individual who has become, often organically, the steward of these family traditions and values. Families should be encouraged to formalize this arrangement so they have a family steward who can help them define and protect their non-financial assets and philanthropic goals. This stewardship is an easy way to perpetuate a family's legacy.
Not all family members get along, and some may be closer than others. There may be heirs who do not feel comfortable with the trustee or family steward the majority has chosen to speak for them. It's not unusual for power struggles and intrigue to occur within the family unit. This is especially true when the chosen representative is not one that many would have expected.
Getting information from every family member about their values, about how they see the family traditions, and about the relationships within the family can help you identify who is really key to perpetuating tradition. Whoever this person is, it is important to work with them to help the family stay together, avoid disputes, and reduce the risk of wealth not surviving into the next generation. Many high net worth families do indeed lose significant amounts of wealth when the head of the family passes. Stewardship is an important way to ensure that it is retained and that the family does not split over the inheritance.
The best way to do this is to use software which is designed to record and track non-monetary values and
relationships that allow families to communicate about these valuable assets.
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