Yesterday I shared a list of the top characteristics of families who successfully transferred their wealth from one generation to the next.

Perhaps the most important summary characteristic: all family members–including spouses–are involved in the legacy planning process. In addition, the family has developed what Williams and Preisser call a Family Wealth Mission Statement (what I believe Link calls a Family Wealth Letter of Intent: although Link seems to encourage more privacy or–depending on how you look at it–secrecy on the part of the parents; less openness à la Williams and Preisser).

Williams and Preisser, however, list some additional characteristics of families who are well-prepared for successful wealth transfer. Read the rest of this entry »

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