3 Steps for Preserving a Family Legacy

August 14, 2023

Good communication and a clear mission can help cement your family's legacy for generations to come.

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When steamboat and railroad magnate Cornelius Vanderbilt died in 1877, he left an estate worth $100 million. Fewer than 50 years later, most of it was gone.¹ Contemporary media accounts of lavish spending by Vanderbilt's heirs helped popularize the perception that family wealth tends to dissipate with each successive generation.

Of course, this narrative is far from inevitable. But with U.S. households projected to transfer more than $84 trillion to heirs and charity over the next two decades, it's worth asking: How can you help ensure a legacy that benefits not only your kids but also their kids and beyond?

The great wealth transfer

A staggering $84.5 trillion is expected to reach new hands over the next two decades.

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Source: Cerulli Associates, as of 01/20/2022.

Going the distance

"For a legacy to last for generations, families need to engage in a deep discussion about shared beliefs, vision, and purpose," says Susan Hirshman, director of wealth management at Schwab Wealth Advisory, Inc. "The Achilles' heel of most estate planning comes from a lack of communication among those most affected—and that's where a family wealth mission statement can help."

A wealth mission statement is a document that lays out a family's values and vision for its wealth. While it's neither legally binding nor enforceable, it can be a North Star for succession planners—something by which subsequent generations can sail.

"A family wealth mission statement is all about connecting values, building cohesiveness within your family, and sustaining wealth over time," Susan says. "It's about sitting down and saying, 'We represent ourselves as a family and we want to make sure our wealth helps rather than hinders our heirs.'"

With that in mind, here's a three-step plan for creating a family wealth mission statement, no matter the size of your estate.

Step 1. Find your common purpose

Cornelius Vanderbilt expected his heirs to successfully manage, if not expand, the business empire he built. And initially, they did. But as the years passed, later generations divided the family's holdings—selling off their stock or stepping away from business roles—as they pursued their pet passions, from living large to charitable giving.

Few families command the wealth of the Vanderbilts, but it's nevertheless reasonable for a family to want its estate to benefit as many generations as possible.

"The origin story of a family's wealth can be a captivating starting point for younger family members," Susan says. "Knowing where the money came from helps foster an appreciation for the achievement of wealth creation and a sense of stewardship surrounding its future use."

This is also an opportunity for family members to examine their attitudes and beliefs about money, including not just How did we get here? but also What do we want to accomplish together? "The idea is to gain a fuller understanding of the meaning of money, priorities, and personal and family goals," Susan says.

How should a family build and grow its wealth? Is philanthropy an objective? What are acceptable behaviors among beneficiaries? "You want to cultivate an atmosphere of open communication in which your family talks about its history, beliefs, and responsibilities," Susan says. "This discovery phase is key to building consensus and a shared sense of purpose."

Sharing is caring

Successful wealth stewardship starts with an open and honest dialogue.

The first step in drafting an effective family wealth mission statement is settling on a collective set of beliefs. While by no means exhaustive, the following questions can help guide your family toward a shared vision.

Wealth preservation

How would you like the family to continue to build and manage its wealth? "This is an opportunity to discuss what types of investments and business ventures the family agrees are appropriate," Susan says. "It's easier to say yes or no to something when you have an established framework by which to judge it."
How should the family wealth serve future generations? It's helpful for future generations to see themselves as stewards, rather than beneficiaries. "Articulating those principles upfront can help beneficiaries see themselves as part of a continuum bigger than themselves," Susan says.

Intrafamily relationships

How should family members behave toward each other? "In my experience, the most successful families foster an environment of respect," Susan says. "If everyone feels heard and appreciated, it can help reduce the potential for acrimony and infighting."
How will new family members become involved? "You might consider developing guidelines for bringing spouses, children, and grandchildren into the conversation," Susan says. These could include financial literacy lessons for teenagers (like those available at Schwab Moneywise) or a prenuptial agreement that protects the family's shared assets. "They may not be obvious, but these are important topics that could save or sink a lasting legacy."

Philanthropy

How would you like your family wealth to serve others? Some families have a singular mission for their philanthropy—such as contributing to the eradication of a certain disease—while others prefer to give as needs arise. "Using philanthropy to exemplify your shared values can be an excellent way to make a meaningful impact," Susan says.
How will you codify your giving? For example, would you like to give away a certain percentage of investment returns each year, establish a private foundation, or make regular gifts to a donor-advised fund? "However you choose to give, what's most important is to establish a tradition of giving you can hand down to future generations," Susan says.

Business operations (if applicable)

What is your vision for the future of the family business? Perhaps the most important aspect of any wealth plan involving a family business is your vision for the company's future. "The last thing you want is for family discord to undo decades of hard work and undermine the value of what is often a family's single biggest asset," Susan says. (See "Don't let succession become Succession.")

"Taken together, the answers to these questions help families gain a clear sense of where their values align, where they diverge, and where they might need outside assistance to resolve differences of opinion," Susan says. "An experienced advisor, such as a financial consultant or an estate-planning attorney, can help facilitate the conversation, providing talking points and prompts, and bringing a professional approach to sometimes-emotional topics."

For help facilitating these discussions and crafting your family's wealth mission statement, talk to your Schwab financial consultant.

Successful wealth stewardship starts with an open and honest dialogue.

Wealth preservation

How would you like the family to continue to build and manage its wealth? "This is an opportunity to discuss what types of investments and business ventures the family agrees are appropriate," Susan says. "It's easier to say yes or no to something when you have an established framework by which to judge it."
How should the family wealth serve future generations? It's helpful for future generations to see themselves as stewards, rather than beneficiaries. "Articulating those principles upfront can help beneficiaries see themselves as part of a continuum bigger than themselves," Susan says.

Intrafamily relationships

How should family members behave toward each other? "In my experience, the most successful families foster an environment of respect," Susan says. "If everyone feels heard and appreciated, it can help reduce the potential for acrimony and infighting."
How will new family members become involved? "You might consider developing guidelines for bringing spouses, children, and grandchildren into the conversation," Susan says. These could include financial literacy lessons for teenagers (like those available at Schwab Moneywise) or a prenuptial agreement that protects the family's shared assets. "They may not be obvious, but these are important topics that could save or sink a lasting legacy."

Philanthropy

How would you like your family wealth to serve others? Some families have a singular mission for their philanthropy—such as contributing to the eradication of a certain disease—while others prefer to give as needs arise. "Using philanthropy to exemplify your shared values can be an excellent way to make a meaningful impact," Susan says.
How will you codify your giving? For example, would you like to give away a certain percentage of investment returns each year, establish a private foundation, or make regular gifts to a donor-advised fund? "However you choose to give, what's most important is to establish a tradition of giving you can hand down to future generations," Susan says.

Business operations (if applicable)

What is your vision for the future of the family business? Perhaps the most important aspect of any wealth plan involving a family business is your vision for the company's future. "The last thing you want is for family discord to undo decades of hard work and undermine the value of what is often a family's single biggest asset," Susan says. (See "Don't let succession become Succession.")

For help facilitating these discussions and crafting your family's wealth mission statement, talk to your Schwab financial consultant.

How should the family wealth serve future generations? It's helpful for future generations to see themselves as stewards, rather than beneficiaries. "Articulating those principles upfront can help beneficiaries see themselves as part of a continuum bigger than themselves," Susan says.

Intrafamily relationships

How should family members behave toward each other? "In my experience, the most successful families foster an environment of respect," Susan says. "If everyone feels heard and appreciated, it can help reduce the potential for acrimony and infighting."
How will new family members become involved? "You might consider developing guidelines for bringing spouses, children, and grandchildren into the conversation," Susan says. These could include financial literacy lessons for teenagers (like those available at Schwab Moneywise) or a prenuptial agreement that protects the family's shared assets. "They may not be obvious, but these are important topics that could save or sink a lasting legacy."

Philanthropy

How would you like your family wealth to serve others? Some families have a singular mission for their philanthropy—such as contributing to the eradication of a certain disease—while others prefer to give as needs arise. "Using philanthropy to exemplify your shared values can be an excellent way to make a meaningful impact," Susan says.
How will you codify your giving? For example, would you like to give away a certain percentage of investment returns each year, establish a private foundation, or make regular gifts to a donor-advised fund? "However you choose to give, what's most important is to establish a tradition of giving you can hand down to future generations," Susan says.

Business operations (if applicable)

What is your vision for the future of the family business? Perhaps the most important aspect of any wealth plan involving a family business is your vision for the company's future. "The last thing you want is for family discord to undo decades of hard work and undermine the value of what is often a family's single biggest asset," Susan says. (See "Don't let succession become Succession.")

For help facilitating these discussions and crafting your family's wealth mission statement, talk to your Schwab financial consultant.

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Successful wealth stewardship starts with an open and honest dialogue.

Wealth preservation

How would you like the family to continue to build and manage its wealth? "This is an opportunity to discuss what types of investments and business ventures the family agrees are appropriate," Susan says. "It's easier to say yes or no to something when you have an established framework by which to judge it."
How should the family wealth serve future generations? It's helpful for future generations to see themselves as stewards, rather than beneficiaries. "Articulating those principles upfront can help beneficiaries see themselves as part of a continuum bigger than themselves," Susan says.

Intrafamily relationships

How should family members behave toward each other? "In my experience, the most successful families foster an environment of respect," Susan says. "If everyone feels heard and appreciated, it can help reduce the potential for acrimony and infighting."
How will new family members become involved? "You might consider developing guidelines for bringing spouses, children, and grandchildren into the conversation," Susan says. These could include financial literacy lessons for teenagers (like those available at Schwab Moneywise) or a prenuptial agreement that protects the family's shared assets. "They may not be obvious, but these are important topics that could save or sink a lasting legacy."

Philanthropy

How would you like your family wealth to serve others? Some families have a singular mission for their philanthropy—such as contributing to the eradication of a certain disease—while others prefer to give as needs arise. "Using philanthropy to exemplify your shared values can be an excellent way to make a meaningful impact," Susan says.
How will you codify your giving? For example, would you like to give away a certain percentage of investment returns each year, establish a private foundation, or make regular gifts to a donor-advised fund? "However you choose to give, what's most important is to establish a tradition of giving you can hand down to future generations," Susan says.

Business operations (if applicable)

What is your vision for the future of the family business? Perhaps the most important aspect of any wealth plan involving a family business is your vision for the company's future. "The last thing you want is for family discord to undo decades of hard work and undermine the value of what is often a family's single biggest asset," Susan says. (See "Don't let succession become Succession.")

For help facilitating these discussions and crafting your family's wealth mission statement, talk to your Schwab financial consultant.

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Successful wealth stewardship starts with an open and honest dialogue.

The first step in drafting an effective family wealth mission statement is settling on a collective set of beliefs. While by no means exhaustive, the following questions can help guide your family toward a shared vision.

Wealth preservation

How would you like the family to continue to build and manage its wealth? "This is an opportunity to discuss what types of investments and business ventures the family agrees are appropriate," Susan says. "It's easier to say yes or no to something when you have an established framework by which to judge it."

How should the family wealth serve future generations? It's helpful for future generations to see themselves as stewards, rather than beneficiaries. "Articulating those principles upfront can help beneficiaries see themselves as part of a continuum bigger than themselves," Susan says.

Intrafamily relationships

How should family members behave toward each other? "In my experience, the most successful families foster an environment of respect," Susan says. "If everyone feels heard and appreciated, it can help reduce the potential for acrimony and infighting."

How will new family members become involved? "You might consider developing guidelines for bringing spouses, children, and grandchildren into the conversation," Susan says. These could include financial literacy lessons for teenagers (like those available at Schwab Moneywise) or a prenuptial agreement that protects the family's shared assets. "They may not be obvious, but these are important topics that could save or sink a lasting legacy."

Philanthropy

How would you like your family wealth to serve others? Some families have a singular mission for their philanthropy—such as contributing to the eradication of a certain disease—while others prefer to give as needs arise. "Using philanthropy to exemplify your shared values can be an excellent way to make a meaningful impact," Susan says.

How will you codify your giving? For example, would you like to give away a certain percentage of investment returns each year, establish a private foundation, or make regular gifts to a donor-advised fund? "However you choose to give, what's most important is to establish a tradition of giving you can hand down to future generations," Susan says.

Business operations (if applicable)

What is your vision for the future of the family business? Perhaps the most important aspect of any wealth plan involving a family business is your vision for the company's future. "The last thing you want is for family discord to undo decades of hard work and undermine the value of what is often a family's single biggest asset," Susan says. (See "Don't let succession become Succession.")

"Taken together, the answers to these questions help families gain a clear sense of where their values align, where they diverge, and where they might need outside assistance to resolve differences of opinion," Susan says. "An experienced advisor, such as a financial consultant or an estate-planning attorney, can help facilitate the conversation, providing talking points and prompts, and bringing a professional approach to sometimes-emotional topics."

For help facilitating these discussions and crafting your family's wealth mission statement, talk to your Schwab financial consultant.

Step 2. Put your plan into action

Once everyone in the family has agreed on their shared values and vision, it's time to write a mission statement that outlines the family's commitments. This document can be as simple or as complex as you see fit, but it should reflect your family's shared purpose and provide guidance for future generations, such as prioritizing education or donating a certain percentage annually to charity.

To streamline the process, you might consider selecting a family member or professional to draft the document after gathering everyone's input, then share it with the relevant stakeholders to approve it. Despite the nonbinding aspect of the mission statement, some families find that physically signing the document can be a meaningful act of enshrinement.

"Every member of the family should receive a copy, and the original can be prominently displayed or simply filed with other estate planning documents," Susan says. "It may not be binding, but estate planners and trustees often use mission statements as a way to construe vision, values, and intent."

Step 3. Keep talking

As with all forms of estate planning, creating a family wealth mission statement isn't a one-and-done exercise. Children become adults, families expand, and priorities shift, so it's important to revisit your mission statement every few years or whenever there are major changes in your family's situation.

"In my view, the process of creating and maintaining the document is itself perhaps the greatest potential guarantor of family harmony and a lasting legacy," Susan says. "It literally gets everyone involved on the same page and helps avoid conflict and confusion down the road."

Don't let succession become Succession

What we can all learn from HBO's dysfunctional-family drama.

Over its four seasons, HBO's Succession chronicled the ultrawealthy Roy family as its members variously competed, cooperated, and connived to control the family empire.

"While television often exaggerates for dramatic effect, the overarching themes of Succession very much echo real life," Susan says. In fact, according to a recent report by consulting firm PwC,* only about a third of U.S. family-owned businesses surveyed said they had a "robust, documented and communicated succession plan in place."

For individuals looking to pass along a business—minus the drama—here's what the Roys should have known but apparently didn't.

Create a formal governance framework: To develop a governance framework, you should identify which family members, if any, will be tasked with running the business; determine how all relevant family members might benefit from the proceeds; and develop a robust set of policies and procedures, including a potential third-party mechanism for resolving conflict. "On Succession, the siblings made ad hoc decisions based on a what's-best-for-me mindset that undermined trust not only among fellow family members but also employees and other stakeholders," Susan notes.
Document everything: The heirs to a family business can face significant estate and income taxes if the deceased fails to transfer their wealth in a strategic and timely manner. What's more, a succession plan should be thoroughly vetted and documented so that everyone is working from the same script, as it were. "In the TV show, patriarch Logan Roy dies suddenly with no documented succession plan in place," Susan says, "and ambiguous instructions discovered after his death only heighten the family drama."
Lay the groundwork for success: Hard-won experience—to say nothing of formal qualifications—are crucial to the leadership transition of any business, let alone one in which various family members may have competing interests. As Susan observes, "The Roy kids all thought they were entitled to run the family empire, but Logan never taught them the principles of good leadership, nor did he involve them enough in the day-to-day running of the company for them to be successful stewards after his death."
Be honest: Family members need to be frank with themselves and others about the business and their potential place within it. For example, owners often struggle with whom to name as successors—only to discover their kids would rather sell the family business than run it themselves. "Without giving too much of the series finale away, one wonders whether the Roy kids would've been better off emotionally, socially, and financially without the family business," Susan says.

^{*PwC's 2023 US Family Business Survey, pwc.com, 05/16/2023.}

What we can all learn from HBO's dysfunctional-family drama.

Over its four seasons, HBO's Succession chronicled the ultrawealthy Roy family as its members variously competed, cooperated, and connived to control the family empire.

For individuals looking to pass along a business—minus the drama—here's what the Roys should have known but apparently didn't.

Create a formal governance framework: To develop a governance framework, you should identify which family members, if any, will be tasked with running the business; determine how all relevant family members might benefit from the proceeds; and develop a robust set of policies and procedures, including a potential third-party mechanism for resolving conflict. "On Succession, the siblings made ad hoc decisions based on a what's-best-for-me mindset that undermined trust not only among fellow family members but also employees and other stakeholders," Susan notes.
Document everything: The heirs to a family business can face significant estate and income taxes if the deceased fails to transfer their wealth in a strategic and timely manner. What's more, a succession plan should be thoroughly vetted and documented so that everyone is working from the same script, as it were. "In the TV show, patriarch Logan Roy dies suddenly with no documented succession plan in place," Susan says, "and ambiguous instructions discovered after his death only heighten the family drama."
Lay the groundwork for success: Hard-won experience—to say nothing of formal qualifications—are crucial to the leadership transition of any business, let alone one in which various family members may have competing interests. As Susan observes, "The Roy kids all thought they were entitled to run the family empire, but Logan never taught them the principles of good leadership, nor did he involve them enough in the day-to-day running of the company for them to be successful stewards after his death."
Be honest: Family members need to be frank with themselves and others about the business and their potential place within it. For example, owners often struggle with whom to name as successors—only to discover their kids would rather sell the family business than run it themselves. "Without giving too much of the series finale away, one wonders whether the Roy kids would've been better off emotionally, socially, and financially without the family business," Susan says.

^{*PwC's 2023 US Family Business Survey, pwc.com, 05/16/2023.}

Succession very much echo real life," Susan says. In fact, according to a recent report by consulting firm PwC,* only about a third of U.S. family-owned businesses surveyed said they had a "robust, documented and communicated succession plan in place."

For individuals looking to pass along a business—minus the drama—here's what the Roys should have known but apparently didn't.

Create a formal governance framework: To develop a governance framework, you should identify which family members, if any, will be tasked with running the business; determine how all relevant family members might benefit from the proceeds; and develop a robust set of policies and procedures, including a potential third-party mechanism for resolving conflict. "On Succession, the siblings made ad hoc decisions based on a what's-best-for-me mindset that undermined trust not only among fellow family members but also employees and other stakeholders," Susan notes.
Document everything: The heirs to a family business can face significant estate and income taxes if the deceased fails to transfer their wealth in a strategic and timely manner. What's more, a succession plan should be thoroughly vetted and documented so that everyone is working from the same script, as it were. "In the TV show, patriarch Logan Roy dies suddenly with no documented succession plan in place," Susan says, "and ambiguous instructions discovered after his death only heighten the family drama."
Lay the groundwork for success: Hard-won experience—to say nothing of formal qualifications—are crucial to the leadership transition of any business, let alone one in which various family members may have competing interests. As Susan observes, "The Roy kids all thought they were entitled to run the family empire, but Logan never taught them the principles of good leadership, nor did he involve them enough in the day-to-day running of the company for them to be successful stewards after his death."
Be honest: Family members need to be frank with themselves and others about the business and their potential place within it. For example, owners often struggle with whom to name as successors—only to discover their kids would rather sell the family business than run it themselves. "Without giving too much of the series finale away, one wonders whether the Roy kids would've been better off emotionally, socially, and financially without the family business," Susan says.

^{*PwC's 2023 US Family Business Survey, pwc.com, 05/16/2023.}

" role="dialog" aria-label="

What we can all learn from HBO's dysfunctional-family drama.

Over its four seasons, HBO's Succession chronicled the ultrawealthy Roy family as its members variously competed, cooperated, and connived to control the family empire.

For individuals looking to pass along a business—minus the drama—here's what the Roys should have known but apparently didn't.

Create a formal governance framework: To develop a governance framework, you should identify which family members, if any, will be tasked with running the business; determine how all relevant family members might benefit from the proceeds; and develop a robust set of policies and procedures, including a potential third-party mechanism for resolving conflict. "On Succession, the siblings made ad hoc decisions based on a what's-best-for-me mindset that undermined trust not only among fellow family members but also employees and other stakeholders," Susan notes.
Document everything: The heirs to a family business can face significant estate and income taxes if the deceased fails to transfer their wealth in a strategic and timely manner. What's more, a succession plan should be thoroughly vetted and documented so that everyone is working from the same script, as it were. "In the TV show, patriarch Logan Roy dies suddenly with no documented succession plan in place," Susan says, "and ambiguous instructions discovered after his death only heighten the family drama."
Lay the groundwork for success: Hard-won experience—to say nothing of formal qualifications—are crucial to the leadership transition of any business, let alone one in which various family members may have competing interests. As Susan observes, "The Roy kids all thought they were entitled to run the family empire, but Logan never taught them the principles of good leadership, nor did he involve them enough in the day-to-day running of the company for them to be successful stewards after his death."
Be honest: Family members need to be frank with themselves and others about the business and their potential place within it. For example, owners often struggle with whom to name as successors—only to discover their kids would rather sell the family business than run it themselves. "Without giving too much of the series finale away, one wonders whether the Roy kids would've been better off emotionally, socially, and financially without the family business," Susan says.

^{*PwC's 2023 US Family Business Survey, pwc.com, 05/16/2023.}

" id="body_disclosure--media_disclosure--112936" >

What we can all learn from HBO's dysfunctional-family drama.

Over its four seasons, HBO's Succession chronicled the ultrawealthy Roy family as its members variously competed, cooperated, and connived to control the family empire.

"While television often exaggerates for dramatic effect, the overarching themes of Succession very much echo real life," Susan says. In fact, according to a recent report by consulting firm PwC,* only about a third of U.S. family-owned businesses surveyed said they had a "robust, documented and communicated succession plan in place."

For individuals looking to pass along a business—minus the drama—here's what the Roys should have known but apparently didn't.

Create a formal governance framework: To develop a governance framework, you should identify which family members, if any, will be tasked with running the business; determine how all relevant family members might benefit from the proceeds; and develop a robust set of policies and procedures, including a potential third-party mechanism for resolving conflict. "On Succession, the siblings made ad hoc decisions based on a what's-best-for-me mindset that undermined trust not only among fellow family members but also employees and other stakeholders," Susan notes.

Document everything: The heirs to a family business can face significant estate and income taxes if the deceased fails to transfer their wealth in a strategic and timely manner. What's more, a succession plan should be thoroughly vetted and documented so that everyone is working from the same script, as it were. "In the TV show, patriarch Logan Roy dies suddenly with no documented succession plan in place," Susan says, "and ambiguous instructions discovered after his death only heighten the family drama."

Lay the groundwork for success: Hard-won experience—to say nothing of formal qualifications—are crucial to the leadership transition of any business, let alone one in which various family members may have competing interests. As Susan observes, "The Roy kids all thought they were entitled to run the family empire, but Logan never taught them the principles of good leadership, nor did he involve them enough in the day-to-day running of the company for them to be successful stewards after his death."

Be honest: Family members need to be frank with themselves and others about the business and their potential place within it. For example, owners often struggle with whom to name as successors—only to discover their kids would rather sell the family business than run it themselves. "Without giving too much of the series finale away, one wonders whether the Roy kids would've been better off emotionally, socially, and financially without the family business," Susan says.

^{*PwC's 2023 US Family Business Survey, pwc.com, 05/16/2023.}

¹"The Vanderbilts: How American Royalty Lost Their Crown Jewels," forbes.com, 07/14/2014.

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