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Many financially successful, high net worth individuals engage an advisor to help answer important questions around protecting and transferring their wealth to their children and future generations. They often have questions such as: “How much is enough?”, “When is the right time to tell our children about our wealth?” and “How do I prevent our wealth from disappearing by our grandchildren’s generation?” Although investment management and estate planning solutions are certainly pivotal to answering these questions, family governance strategies can be equally important in preparing the family for the money, not just the money for the family.
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Key Questions for Reviewing Family Governance Arrangements

Christian Stewart (Family Legacy Asia)

This article provides a helpful checklist of fundamental questions to consider when reviewing the effectiveness of family governance arrangements.
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There are a number of ways to address the “business of the family,” but one of the best ways is to arrange a family meeting. It is in the family meeting process that the “business of the family” is proactively and intentionally addressed, not unlike board meetings or executive meetings in a company.
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Getting Started with Family Governance

Barbara Dartt & Anne Hargrave (The Family Business Consulting Group)

Having the right family governance structure in place can help families of wealth increase their probability of achieving multigenerational success. Dartt and Hargrave discuss how families can implement a family governance structure that allows all family members’ voices to be heard, and at the same time educates next generation family members on being effective owners and contributors to the family legacy. Using the Three-Circle Model of The Family Business System, they show how families can move through the stages of family governance and implement a governance plan that is right for their family’s needs.
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