The concept of continuity applies to a family in regard to wealth and transition to future generations. It is important to take steps today to prepare the future generation while sustaining growth for family wealth across generations to come.
What gets you up in the morning? What is your overall purpose in life? What is most important to you? The answers to these key questions will establish the basis on which decisions are made within a family and set the groundwork for a family’s vision.
A documented and agreed upon family vision allows you to communicate your family’s purpose, not just to family members, but to others as well. Money always transfers with a message, so making that message to the family intentional, clear, and constant is critical.
Keeping the “family harmony” is a top priority for most families. Ensuring that your family relationships remain strong, positive, and respectful throughout the years is vital. This often starts by creating an environment that allows for open communication (like a family meeting) so that all voices are welcomed and can be heard.
Some family continuity planning questions to consider:
How do I develop my family financial philosophy and governance structure?
How do I foster financial literacy?
How do I educate my family around wealth to ensure they become responsible stewards?
Financial independence comes with responsibility and the need to ensure the family’s well-being now and in the future.