Wealth and Relationships: Your Estate Plan Won't Protect Family Relationships

A patriarch wanted to leave his wealth to his three daughters; however, he wanted to be hands-off and did not care how they utilized the wealth. All he wanted was for his daughters to be “able to manage their portfolio.” This was a shock to the family since dad controlled the wealth, and no one ever dared to ask about it. His daughters were overwhelmed and paralyzed by the responsibility of managing the family wealth.

In a family meeting, we asked the father to share his ideas on his wealth's use and purpose. He shared his vision of how he hoped it would impact the family for generations. At that moment, the daughters could see how they could build on his vision and make it their own.

Together they learned to have meaningful conversations about how they wanted the wealth to impact their lives. They aligned on the use and purpose of the wealth, which allowed them to make decisions more quickly without judgment.

Estate plans take care of assets, not relationships. Fundamental conversations about purpose, mutual expectations, and alignment are vital to keeping family relationships intact.

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