By: Mark McMullen
Find out more about Stonehage Fleming's Family Office
In the old days, it was if you had three children,
you just divided everything by three. But now it isn't necessarily the case.
Um, people think much more now about legacy,
so they're thinking way beyond the current generation.
They're thinking the third, fourth, fifth generation.
So I think that that's a good thing and that's a question I tend to ask families
is, you know, is this for now or is this something that you want for the future?
And what I find is a lot of people haven't really thought about it in any form
of detail. So they like to know what other families are doing, uh,
in that regard. So I think legacy is a really important, um,
issue for, for, for major families to consider. It's not just about the capital,
it's also about how, how do you wish to be remembered your family, um,
not just in your nuclear family, but also in your communities. How do you, uh,
as a well-known family in in the country in which you live wish to be
remembered? So I think that's changed. Certainly I'm,
I'm seeing more families asking those sorts of questions. You know,
the leadership point's another really good one because in the old days,
generally it was the eldest child and in some countries,
even the eldest son and that, you know,
I think Primogenitor now is something that has gone. Um,
and now it's about what's the best person to lead in a certain
field. It could be on the investment side, it could be on the charitable side,
it could be on the soft skills side about how to keep the family together.
These are all things that when you're looking at the philosophy of the family's
wealth, we really try and drill down on some of these things and get everybody's
opinion.
'cause I think it's always great when you ask all family members what they think
to get something that brings some sort of shared purpose and shared value
together.