Legacy Leaders Network

Tips of the week!

Trivia Question❓

What modern business practice mirrors family councils by aligning values, vision, and leadership across teams?

Answer at the bottom of the newsletter

Family Councils: A Strategy to Keep Legacy Planning on Track

When it comes to legacy planning, creating documents is only half the battle. The other half—often more critical—is communication. Without clear, ongoing dialogue among family members, even the most carefully crafted estate plans can unravel into conflict, confusion, or unintended consequences. That’s where family councils come in. A family council is more than just a meeting—it’s a structured, recurring conversation that keeps everyone aligned, engaged, and empowered to carry the legacy forward.

For families with significant wealth, business interests, or philanthropic goals, complexity increases with each generation. Different values, expectations, and levels of involvement can create friction if left unaddressed. A family council provides a safe space for open dialogue about the things that matter most: stewardship of wealth, long-term vision, shared values, and family roles. It’s where the “why” behind the wealth gets discussed, not just the “what.”

As an advisor, you can play a key role in introducing and facilitating this concept. Family councils can take many forms—quarterly meetings, annual retreats, or even virtual check-ins. The structure depends on the family’s size and goals. What matters most is that it becomes a consistent, intentional forum for connection and clarity.

Typical topics include succession planning, charitable giving, updates on the family business, investment education for younger members, and reviewing shared mission or vision statements. But just as important are the softer conversations: How are relationships within the family? Are there unresolved tensions? Are the younger generations engaged or drifting?

By helping clients launch and maintain a family council, you’re doing more than managing assets—you’re managing alignment. You’re ensuring the legacy remains a living, evolving conversation, rather than a static set of documents no one revisits until it’s too late.

Family councils also create leadership opportunities for the next generation. Rather than being passive recipients of wealth, younger family members learn to take responsibility, participate in decision-making, and understand the values behind their inheritance. This fosters unity, purpose, and a long-term view—exactly what’s needed to preserve a legacy across generations.

Ultimately, legacy isn’t preserved in silence. It’s preserved in conversation. And when those conversations are consistent, inclusive, and guided by purpose, families stay connected—not just to the wealth, but to each other. That’s the real power of a family council.

Legacy Webinar: Make Your Funeral a Teaching Moment

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 📅 Thursday, November 13 | 12PM ET | Zoom
 
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💡 Answer to Trivia Question:

Executive or leadership retreats. These gatherings foster communication, clarify long-term goals, and build shared understanding—demonstrating that the principles of legacy preservation through conversation apply beyond families.