Harness the power of the next generation today, so they are ready to lead your family tomorrow.
- While having the right legal documents in place is critical, it’s equally important to ensure that the individuals named to lead have the experience, knowledge, training, and temperament to fill the void.
- It’s important to listen to the next generation and to respect their insights.
- Keep in mind that collaborating on important matters is a step-by-step process that takes communication and time.
Lack of preparedness for the unexpected certainly provides much food for thought for many wealthy families. What happens if you were to pass away suddenly—after a short illness, a skiing accident, or even in a plane crash, for example—would your heirs be able to step in immediately and manage the family’s financial assets, run its enterprises, and preserve its culture and legacy?
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