Living And Leaving Your Legacy

Most successful people have planned for the future of their financial resources by working with good financial advisors, estate planning attorneys, and other financial specialists. Fewer have focused on the non-financial aspects of planning for the future of family, reputation, and legacy.  Planning for the future of your family is not the same as planning for the future of your financial resources.  Take a moment to think about what you want for your family now and in the future.  And next, what is the legacy you are living and want to leave behind.

A successful and effective WEALTH transfer is about much more than just financial resources.  Family wealth has several dimensions or categories that are just as, if not more, valuable than financial.  Family wealth is measured by the full net worth of the family – including their social capital, human capital, intellectual capital, and legacy capital.  These 5 dimensions give you the full picture of the family wealth.

Financial is just one-fifth of that picture but it’s one we spend the most time focusing our planning around and then not discuss it with our family.   And, as you can imagine, related topics of non-financial planning (the other 4 dimensions of wealth) are even less likely to be a part of the family’s conversations.  However, you can change that focus!

Begin with You

First, imagine what you want for yourself and your family now and in the future as it relates to relationships, values, opportunities, experiences, etc… and think about all the dimensions of wealth when answering.

Include the Family

Second, have a group discussion.  Consider when would be an appropriate and good time for this type of conversation – it may be a family vacation or dinner one Sunday evening.  Some questions that could get the conversation started:

What Matters to you – what relationships, activities, values are most important to you?

What does Family mean to you?  What do you appreciate most about our family?

What traditions do you enjoy?  What traditions would you like to continue with your family someday?

Keep the Conversation Going

It might be a great opportunity to begin a new tradition of family meetings.  Family meetings come in all shapes and sizes, but the most important elements when getting them started are fun, keep it interesting and positive, and invite them all and work with the willing.

This could be another way to begin your journey of creating a culture of communication, trust, and mentoring in the family all wrapped around your family’s purpose.