Preparing Family Heirs

Families in Transition: Preparing Family Heirs

As life evolves and your wealth accumulates, you may begin to see yourself as a family steward with a legacy to pass to your heirs. Silver Oak can help you keep your financial house in order and align your wealth transfer plan with your personal values and best intentions while ensuring your heirs have the knowledge and development to preserve the family legacy and thrive in their independent lives.

The Values of a Family

There is a great amount of value in a family from both a personal and professional standpoint. Families share unique beliefs, values, and talents. They also have their own strengths, weaknesses, achievements, and failures to celebrate, learn from, and build upon.

When preparing heirs to preserve the family legacy, families must consider their ability to communicate openly and make decisions while taking their unique family traits into consideration. The family assets, investments, and businesses are only one piece of the puzzle that leads to a healthy family culture.

The Challenge in Wealthy Families

All parents want what is best for their children. In wealthy families, there is often a dilemma between wanting your children to be independent but also benefiting from the family’s success.
Between trusts, shared assets, and the family business, etc. it can be exceedingly difficult to separate what belongs to the family versus its individuals.

There are 4 important steps that you should consider when preparing your family heirs.

  1. Be willing to talk about money.
  2. Talk about financial literacy appropriate to the developmental stage.
  3. Establish a work ethic and allow for natural and logical consequences.
  4. Be aware of the money values that you convey.
Perparing Heirs

Let us help you preserve your family legacy by building on the beliefs and tenets your family has in place.

Contact us for a confidential, initial conversation.