Family Mission Statement

What It Is
A Family Mission Statement is a written document that states the family’s agreed-upon purpose for the family wealth (beyond merely accumulating more wealth). A family's wealth consists of assets, their time and reputation, their family contacts and community, and their ability to influence their peers. It is intended to be a purpose-based document built upon the values of the family and adds coherence and long-term stability to the family’s efforts to constructively use their wealth.

What It Is NOT
A Family Mission Statement is not a tax- based document, nor is it a declaration by the patriarch and matriarch of their notion of the purpose of the family wealth. Our research shows that forced directives are promptly discarded by heirs following the estate transition. This often times leads to the breakdown in family harmony and the loss of the family’s control of the assets.

Who Participates In Its Development
In successful post-transition families, the entire family is involved and heard in the Mission process. This includes parents, heirs, spouses, and children/grandchildren over 16. That gives durability to the Mission Statement. The family’s professional advisors may also participate as observers at the invitation of the family leaders. The advisors’ purpose is to translate the family vision once it is established into the estate planning documents.

How It’s Formulated
With all family members present (spouses, children/grandchildren over 16 and even fiancées) and facilitated by a third party, the Family Mission is built around each family member’s core values. The process of developing the Mission recognizes points of agreement and aligns them into themes that cohere into a simple statement of unity or purpose. A Glossary of Terms is also developed to explain the Mission terms as they relate to the family’s goals. A consensus is required for the finished product. Once completed, the Family Mission Statement is provided to the family’s professional advisors so they can modify the estate documents to align with the Mission.

Family Mission Statement Checklist
An affirmative answer to the following questions indicates that you successfully completed the Family Mission process for your family.

  • Did your entire family participate?
  • Is there a definition of terms (Glossary)?
  • Has the document been provided to your family’s estate planners and advisors?
  • Have proposed revisions to the family’s estate plans been reviewed by the family?

Contact us to learn how a Family Mission Statement will benefit your family.