How Can You Pass Down More Than Just Money to the Next Generation?

When we think about inheritance, the first thing that comes to mind is often financial assets. But leaving a true legacy means passing down values, traditions, and wisdom, things that extend beyond money.

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The Three-Generation Problem

Author and estate attorney James Hughes, in his book Family Wealth, highlights the “shirt sleeves to shirt sleeves” proverb. The first generation builds wealth, the second maintains it, and the third often loses it. History and examples like the Vanderbilts remind us that without guidance, fortunes can quickly vanish.

Building a Lasting Legacy

To combat this, it’s not enough to pass on wealth alone. Families should also consider passing down values, traditions, knowledge, and other forms of “capital”, intellectual, spiritual, and human. These intangibles shape how future generations use and sustain what they inherit.

Shared Mission and Vision

One practical way to preserve wealth and legacy is to create a family mission statement. This document serves as a guide for future generations, outlining shared values, vision, and purpose. Open conversations with children and grandchildren about money and family principles are also essential to avoid wealth being squandered.

Practical Steps for Families

Write a family mission statement to define your shared vision.
Communicate openly with children and grandchildren about wealth, purpose, and responsibility.
Pass on knowledge and values alongside financial assets.

By combining financial stewardship with shared values and intentional planning, families can break the three-generation cycle and leave a lasting legacy for generations to come.

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