Search

Wealth and Relationships: Roles and Responsibilities


The Cavanaugh family decided that any family member having a “significant” decision-making financial responsibility role within the family enterprise was required to have at least an undergraduate degree and five years of “progressively responsible experience” working in a corporation not controlled by the family. The defined “significant” as “any role capable of obligating more than 1 percent of the family’s liquid assets during the calendar year”.

Establish clear roles during wealth transition to ensure your next generation is both enrolled in supporting the family legacy and competent. Roles such as executor, medical power of attorney, positions on the family foundation, family council, or simply a beneficiary all have responsibilities and expectations connected to them. Have a family conversation to align expectations, set standards for competence, and check the next generation’s buy-in for the essential roles needed for your successful wealth transition.


#wealthtransfer #succession #legacyplanning #heirs #trustsandestates #familybusiness #familygovernance #uhnw #hnw #financialadvisors


65 views0 comments