Steward your Wealth to Create a Lasting Legacy

Everyone strives to live a life of purpose, to know that they’ve contributed to something more meaningful than just their own needs and desires. As an ultra-wealthy individual, you’ve got more of these opportunities than the average person.

Yes, from a financial standpoint, you can ensure your family and other loved ones are well taken care of. That’s what generational wealth can achieve. But you may also wish to create your legacy and be remembered as someone who used a portion of their wealth to make a difference in this world. Not only that, but you may want to institutionalize this spirit of largesse for the next generation and beyond.

It may sound fairly ambitious, but it’s a worthy goal that’s certainly achievable if you take a sensible approach. After all, the trend these days is for the ultra wealthy to put their money to good use as they seek to enrich society. It’s been estimated that approximately US$31 trillion could pass to the next generation by 2033, which means enormous potential for the next generation to carry on with their benefactor’s strongest beliefs and social convictions. At the end of the day, wealth transfer entails far more than creating a financial inheritance.

Education is paramount

Just as you’ve likely educated your loved ones in financial literacy so they can become good stewards of the family wealth, you may also educate them on how to manage that wealth responsibly in the context of philanthropic endeavours. Sharing long-term philanthropic goals and having a common approach to charitable giving can be a wonderful way for everyone to align with the family’s values and long-term objectives. Don’t assume that they’ll simply observe what you say or do over the years, and will somehow internalize your values and principles as their own.

Initiate regular dialogue with younger family members on the power and importance of philanthropy, and how they have a social and moral obligation to use wealth wisely when embarking on a lifetime of charitable giving. Give them time to absorb your pearls of wisdom and come back with questions or comments as they seek clarity regarding your perspectives on purpose in life. Genuine, ongoing engagement is priceless!

You may even wish to formalize your philanthropic beliefs, objectives and strategy in a written family governance document, so it remains a reference for the next generation(s) on how you think the family wealth should be stewarded to help improve society and the world at large. 

While a governance document provides a practical framework for communicating what’s most important to you, it’s also incumbent on you to allow younger family members to carve their philanthropic identity. Nobody likes being told exactly what to think and do. When they have the autonomy to develop their own interests around charitable giving, it provides them with a sense of ownership, helping them remain connected and aligned to the family’s broader philanthropic mission. 

We can help you

At Corient, we have the expertise and experience to support your wealth transfer, philanthropy and legacy needs. Facilitating workshops focused on family values is one of the actions we can take to help you and your loved ones identify and articulate the key principles that underpin your family’s wealth, charitable giving objectives and overall long-term goals.

A Corient Wealth Adviser may also collaborate with you to develop a formal family charter or constitution that codifies your family’s primary purpose, vision for giving, governance structures and succession expectations. We can also assist you with creating a philanthropy “roadmap” that helps family members traverse the oft-complex but highly rewarding world of charitable giving, aligning philanthropic activities with the family’s unique values, social impact goals and legacy aspirations.

Kindly reach out to us today to discover how Corient can help your loved ones become responsible and effective stewards of the family’s wealth and enduring legacy.

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