A couple thought their estate plan was complete until their adult children were asked what the family hoped to stand for in 50 years. Nobody knew. The parents had transferred information about assets, but not meaning. That silence led to a family mission statement, annual meetings, a giving budget and eventually a more structured philanthropic plan. The deepest family-office work often begins when the family admits what it has never discussed.

A question for your family

Could your children explain the “why” behind your wealth plan?