What is the wealth that you wish your children or beneficiaries to receive? How would you define it? How does your next generation define the family’s wealth? What are each member’s expectations about the asset distribution and power transference? Are only the tangible assets seen as the family's wealth? Are the values and traditions considered as the family's wealth? Will they choose to accept the leaders’ family social-emotional legacy?
WHAT IS YOUR FAMILY'S WEALTH
People usually are aware of the importance of having a written will as a binding document to disperse the tangible assets of their wealth. The clarity, planning and practices of tangible assets transference are typically not done for the non-tangible wealth. When asked, family leaders typically say the critical legacy component they wish continued by future generations is their family's social-emotional wealth - the traditions, core values and sentimental family possessions. Sadly, many family leaders have not planned and implemented systems to build this inter-generational connection and commitment to preserve the family's social-emotional legacy.
Integrating the family core values and traditions by the next generations require deliberate planning and the desire to continue family’s heritage. Our consultants coach families about practices to preserve and continue their legacy.