The Impact Report - Episode 3 (The Benefits of a Family Constitution)
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Show Notes
One of the biggest concerns facing affluent families is how to manage their wealth so that it achieves many goals. Their focus could be continuing to grow their wealth as it is transferred to younger generations, or aligning the use of that wealth with the values and ideals the family holds dear, or even protecting that wealth from creditors and others who might seek to take it unjustly.
Often the best place to start, is to ensure that your family members are aligned when it comes to key issues. A family constitution can be a great way to get that process going.
In the latest installment of the show, Eric explores the benefits of establishing a family constitution to ultimately promote clarity and harmony when it comes to managing family wealth.
Timecodes:
0:06 - Introduction and overview on the topic of the day
2:06 - The challenges that arise when families work together to manage their wealth
4:00 - The family constitution
5:41 - How the family constitution works to promote better familial relationships
7:45 - How a family should go about drafting this document
10:36 - Who from a family should be involved in these discussions
11:32 - This is not a legally binding document
13:18 - Advice to ensure the family constitution remains relevant over time
15:36 - How you can get in touch with Eric's team to continue this discussion further
19:00 - Closing remarks
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