Family Training I Singapore I Familosophy

NextGen Custodians of Significant Wealth

What strategies may families use to effectively prepare their children for inheritance and/or participation in the family business?

Parents may legitimately be concerned about raising spoilt or entitled children, and they may feel uncomfortable discussing things such as wills and trusts with their children before they are old enough to comprehend such notions. Failure to prepare children for the duties that come with being a custodian of large wealth, on the other hand, is not in the best interests of either the child or the assets in question.

As part of their estate planning, parents should ensure that children have a solid financial education and that they learn how to communicate honestly and openly about family money with their children.

The adoption of best practices in talent management and the identification and development of prospective leaders are critical in any organization that operates a business. Although genetic variables have a role, the bulk of leaders are created rather than born. The development of the rising generation's personality is critical in assisting them in individuating and making an informed decision to join the family business rather than doing so out of a sense of responsibility. Finally, it's important to note that the number of women-owned family businesses has climbed by 58 percent since 2007, indicating that sons and daughters should participate in the same talks and be an active participant in all discussions around the family business.

Consider the following: Have you given any thought to how you might prepare your children for the prosperity that will inevitably befall them? Do you have any suggestions for how to broach the subject of family wealth and family business? When it comes to these topics, how much thought have you given to what the children would like to see?

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SOURCE: https://davidwerdiger.com/2021/03/governance-principles/