Heir conditioning

Successful families:
Attitude:
Recognize their best capital is; human, intellectual, social, and emotional intelligence.
Family unity is more important than material or financial accumulation.
Multi-generational view.
Wealth is viewed as belonging to the family, not the breadwinner.
Culture of flexibility and adaptability.
Financial competency and prowess is deemed an essential life skill involving lifelong learning.
Family discord is addressed as well as emotional & psychological issues.
Resources of time & money are willingly spent to resolve individual or collective conflict.
Emphasize preparation – clear goals, vision, and values.
Flexibility is encouraged, there is receptivity to change and the ability to adjust.
Function with discretion and a respect for privacy as details are not shared outside of the family.

Decision Making:
Maintain that all family members have a voice, and contribute to decision making.
Children partake in financial decisions (related to age/capacity).
Members participate in decisions that are relevant to them and/or will impact them.
Understand the others; financial capacity and desires.
Defined what financial success means to us and discussed the purpose of money &/or wealth accumulation and priorities. (eg. food / shelter / life style / education / attire / leisure / toys / vacation / philanthropy/ savings, …).

Communication:
Immediate family meets monthly to discuss budget & finances.
Investments are discussed quarterly or at frequency of change.
Finances are discussed on multiple levels;
Circulating investment details / quarterly or annual statements,
Circulating / discussing net worth documents,
Communicate directly & respectfully, aim for practicality and openness, maintain dignity, self-esteem and personal independence.
Members have reviewed the estate plan documents and discussed them openly.

Philosophy of Openness & Collaboration:
Committed to engage all members
Value, learn about, understand, and appreciate each other’s unique abilities.
Respect differences of opinions and ideas are fully heard and considered for merit
Allow and resolve conflict or problems utilizing principles of collaboration.
Share; opinions, ideas, and values with the desire to learn while considering the merits of the others positions. 
Heir(s), heiress(es) and benefactor(s) have the capacity to work together as a team.

Financial Literacy & Competency:
Make educating oneself and others about money & money management a priority.
Money management lessons start early in life and exist throughout life:
Aspects of spending, saving, tithing, giving, and investing,
The meaning of money,
Roles and responsibilities of the individual family members,
The family’s vision and value,
History of elders who amassed the family wealth and the role of entrepreneurship.
There are many discussions and joint projects around money, performance is monitored and projects adapted as required.
Investment & money management philosophy ideas are discussed, and debated.
There are ample opportunities to learn about and have a say in financial matters.
Mistakes are viewed as learning opportunities and forgiven.
Offspring attend meetings with professional advisors.

Wealth Preservation:
Utilize a long term strategy for wealth & asset allocation.
Select and manage a community of trusted financial advisors.
Develop a sound practical framework for investing and refine it regularly.
Select, cultivate, & manage an ecosystem of trusted advisors.
Benefactors and heirs attend meetings together with professional advisors.
Incorporate an integrated approach that refines investment methodology.
Monitor and adapt as required utilizing a resilient disciplined process.

Estate Planning:
Beneficiaries are involved in discussions leading up to a wealth transference for a transparent inclusive transfer of assets within an appropriate context.
Heirs/Heiresses are psychologically ready to take on managing; finances, real estate or other assets and have the business acumen to do so.
Funds are transferred within an appropriate context.
Document creation and formulation is done with the involvement of relevant parties
Benefactors disclose details of one’s estate to offspring/relevant parties.
circulating copies of the will in advance
circulating contact information for Executors, or other key people
Select Trustees for:
capacity to educate and mentor,
strong financial acumen,
a constructive bond with and respected by the beneficiaries.
Select Executors for:
strong administrative skills and financial acumen,
a positive relationship with and respected by the heirs/heiresses.
All heirs/heiresses approve of the will and estate plan.
Control from the grave is surrendered, with the exception of minors for a limited time.