Broker Check

Generational Wealth Planning



Family Financial and Mental Readiness

1.  Are all of your important records organized in a central location?

2.  Does your spouse/partner/children (or executor) know where to access your key records and other information? (passwords, authorizations, etc?)

3.  Do you have an up-to-date will, living trust, financial power of attorney, and health care power of attorney?

4.  Does your family meet regularly to discuss topics of importance to the family?

5.  Do you know your family’s history and how your predecessors worked to arrive at the family wealth? 

6.  Have you shared with family members the values you hold as important and that you hope to pass on to your children, grandchildren, and their spouses?

7.  Has your family reached consensus on a written statement that spells out the overall purpose of the family wealth, including a detailed definition of all the important terms used in that mission statement?

8.  Are family members encouraged to freely express an interest or passion for a future family role, whether or not that role is directly related to the management of the family’s assets? 

9.  Are all family members, regardless of age, given the opportunity to participate in the family’s philanthropic decisions?

10.  Have you introduced your heirs to your family’s professional advisors (and do your heirs know what they do for your family)?

11.  Do family members easily communicate with one another, including spouses, on topics that may be viewed as uncomfortable (e.g. money, wills, health)?

12.  Do family members typically live up to their commitments to one another?