These documents should contain the agreed-on structures and processes that the family will use to execute on their operating principles. This will help capture the goals and agreements of family members. Use a change in the family governance to trigger a legal document review. Continue to have ongoing reviews of legal documents and agreements (at minimum every 10 years). It’s important to see how documents define family membership/participation and to make sure those definitions capture the current picture of the family.

It’s important to be mindful that family members’ participation will vary over the years depending on where those individuals are in their life stages. Clarity about participation starts with documenting when a family member is old enough to be involved in family conversations about shared assets to setting clear criteria and protocols for when a family member would be deemed incapable of staying in a decision-making role.

This knowledge will help ensure the family’s ability to manage financial responsibility in the long term. If the next generation’s career choices and training don’t increase their financial skills development and financial responsibility, then plan for it. Be transparent in conversations, and develop ways to increase this skill level for family members, keeping in mind that individuals learn in different ways.

Try to have the mindset and behaviors that allow the family to use the wealth for opportunities. Watch for ways that the family unintentionally takes too much care of young individuals so that critical thinking, responsibility and independence are somehow stunted and resilience not developed.

Encourage families to be open to new data and new ways of doing things by exploring the world and all that it offers. Help them to see the great opportunities and potential positive impact of change that can help them as individuals, the family and the community. Actively consider how to use this information.

Help families realize that they’re making adjustments to a changing world and not just changing their ways for one individual or situation. We all have a tendency to laser focus on one individual causing unrest, rather than to respond to the broader landscape. 

Encourage experiences to help families embrace challenges, obstacles and mistakes to develop resilience to deal with ongoing changes. It’s a skill that will help individuals and the family weather the uncertainties they face in the world.