Family Legacy

An ancient Hebrew proverb states, “An inheritance quickly gained will not be blessed in the end.” Since that time, families of all ages have learned, to their dismay, that wealth seldom survives three generations. When requested to do so, we can employ our four phase process of developing your FamilyPACT™ , which is designed to help you create a lasting legacy for your family.



Together, we create your family constitution, to record your family vision, mission, values, and guiding principles. Your adult children can participate through facilitated family meetings. This document will become the foundation for your family's important decisions, communication, and plan for preparing future generations.


The next step is to assess and align wealth, estate, and governance plans to your family constitution. A family office can be established to serve family members by creating pricing and access leverage for investment and wealth planning services. If the circumstances involve an operating company, a board of directors can be constituted, which typically includes at least three non-family members from industries that can provide high value leadership. A family council can be created that will serve as the governing structure for your family office, retreats and meetings, foundations, and other family initiatives. An executive succession plan for the business should be drafted or updated. Family policies are established to provide clarity for the family council leadership. Estate plans are updated that coordinate your family's new and shared generational vision. Below is an example of the organizational chart of the governance plan.


Once the family constitution, governance, and wealth plans are established, it is important to create your plan for family communication. One of the greatest challenges to the success of your family legacy can be the lack of family unity. For some families this has not been a problem, but it is important to be proactive in addressing this risk. For other families, conflict has created deep division, which may require reconciliation counseling. Best practices used by successful families to enhance communication are accomplished through family retreats and meetings. The leadership of these meetings can rotate between family members. The purposes of these events are to promote family unity, share family folklore and history, create memories, conduct some business, and have fun.


Finally, a training and mentoring plan to prepare heirs is an essential initiative in preserving your family legacy. We recommend an age-based mentoring template, customized to meet your family's specific objectives. Mentoring opportunities can be planned for your family retreat with common themes such as leadership, entrepreneurship, stewardship, and community service. In addition, initiatives can be scheduled to involve younger generations in the business at various stages, as well as charitable service projects, in which all family members can participate.

Call us today at 425-643-1800 to schedule a complimentary consultation.

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