If you’ve made the decision to create your own family office, there are however a few things to examine for your personal situation, so let’s go over those considerations now.
What Is Your Plan for Succession?
A family office is above all designed to ensure your legacy for generations to come. Many HNWI and UHNWI however often worry that there is no clear plan for succession of wealth, and that their children will not have the tools or experience to diligently manage their wealth in the years to come.
Appropriately, a family office provider can not only establish family governance guidelines through a family constitution, but it can also facilitate education for progeny to manage their wealth wisely, ensuring it will be passed down in turn to their children.
The end goal being a clear plan of succession to ensure family harmony, and having children and grandchildren who are well prepared to continue the family’s legacy.
It’s Not All About Money — Really
Somewhat tongue in cheek, but as wealth grows to such staggering levels, many HNWI and UHNWI believe that their legacy should not solely be about finances and wealth.
If you wish to undertake philanthropic endeavours, a reputable family office service provider will be able to connect you to a network of established philanthropy partners. Whether you want to donate a large sum to an established charity, or create your own non-profit organisation, a family office provides a host of options to make sure future generations see your family name in a positive and nurturing light.
Beyond philanthropy, a family office can provide you and your family with a full lifestyle advisory service. Put succinctly, a lifestyle advisory can assist your family with everything from travel arrangements to personal protection — think of it as a full-time concierge that can do the heavy lifting for every part of your life.
Read more the things you must consider before setting up a Family Office in Singapore at Rikvin.com.
