Inheritance is the inter-generational accumulation of wealth. If you inherit money from a family member, it comes with certain expectations; it will be your task to maintain the inheritance and add to it if possible. But it’s useful for families to operate like a business to increase their wealth and pass more on to future generations along with a responsible strategy over the long term.   

Inheritance and family wealth are accumulated over generations, meaning there has to be some way to communicate. A family mission statement is exactly the kind of thing that can keep a family on track generating long-term wealth to benefit those living today and future generations.

Like a business, a family mission statement keeps the family focused on the long-term goal. It can be something like, “our family mission is to be grateful for what we have and to accumulate enough for future generations to live comfortably.” Some families also use gips performance. 

Businesses and brands are built on values that direct their behaviour and choices; this is the same with families. Most families have values even if they don’t think about them very often, they might have the values of their religion, their culture, or community, but it’s worth reflecting. 

Create the top three values for your family and think about how these values translate into practice. For instance, if generosity is high on the list of values, it means that your family is likely to share its wealth. Perhaps you are generous with wealth in the family, or you give to charities. 

Family members are familiar, that’s where the word originates in essence, but that doesn’t mean they are all alike or that they pull in the same direction. Most of the time, family members have different sensibilities and ideas about wealth generation, accumulation, or inheritance strategies. 

Any serious business takes account of its members and makes sure that everyone has input. The diversity of ideas and voices only serves to make the business stronger and more resilient over time. It’s exactly the same with a family. Include your family members for the best results.  

Accumulating wealth as a family is a collaborative process that needs everyone to be on the same page and to be pulling in an agreed direction. Without this communication and collaboration, there’s a chance the family goal will head off course and become lost in time. 

Chances are a family has already inherited wealth and philosophy from a previous generation; if that’s the case, most of the spade work has been done already, all you have to do is tweak the ethos for your generation. Otherwise, you need to get together with your family for spade work.

Although you are focused on long-term inter-generational wealth creation, you still need to find a suitable strategy and check in with your family members every so often. The key to success is making sure you are all on the same page throughout your life journey and live comfortably.

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