Beyond Formalities: Building a Family Protocol
In my experience working on succession matters over many years, one question often comes to mind: Why did they not have an open and clear discussion instead of focusing only on legal and tax details?
The difficulty is that we try to plan many parts of our lives, but death remains an uncomfortable topic that few are prepared to talk about.
As a result, succession planning is often treated purely as a legal or financial task—writing wills, setting up trusts, managing tax—without addressing the real conversations that are needed.
These steps are important, but our work is not only about law and taxes—it is about people and families.
Legal and financial planning alone does not answer the deeper questions families need to consider:
What is this wealth for? What values do we want to pass on? What beliefs and priorities will our successors have?
Younger generations are increasingly, and rightly, concerned with life as a whole. For them social responsibility, culture, sustainability, and ethical investing matter.
Many want their inheritance to do more than provide personal security. They ask how it can support new businesses, fund education, help communities, or protect the environment.
They also live more socially connected and public lives, where transparency influences their decisions. This greater openness means they often expect clear intentions and accountability in how wealth is used.
This shift in priorities can create tension if families do not make time for open, honest conversation. Too often, planning stops at paperwork, assuming technical solutions will keep the peace. But without shared understanding, there is a risk of confusion, resentment, or regret.
What is a Family Protocol?
A family protocol is a structured agreement that goes beyond legal formalities. It captures a family’s shared vision for its wealth, values, and long-term goals. It is not only about rules, but about creating clarity and trust.
A family protocol also sets out how wealth and responsibilities will be managed in practice. It can define how decisions are made, who is involved, and how to address conflicts fairly.
In the past, trusts often handled this by appointing someone else to decide on the family’s behalf. Today, these decisions are better made openly, with the family agreeing in advance on clear rules and processes. This helps avoid misunderstandings and supports lasting trust.
A good family protocol may include:
- A clear statement of shared values and purpose
- Guidelines for managing family businesses or properties
- Rules for employment of family members
- Processes for making decisions together
- Ways to resolve disagreements fairly
- Plans for regular meetings and open communication
It is a living document—something that can be reviewed and adapted as the family grows and changes.
Without these conversations, succession planning may fail to explain the purpose of wealth. Heirs may receive assets without understanding how to use them. They may have different priorities but feel unable to discuss them. This can lead to poor communication and harm relationships that the wealth was meant to support.
A family protocol can help by encouraging open discussion. It provides a way for younger generations to share their ideas about how to use wealth, including social projects, business plans, or other goals. It accepts that values can change over time and helps families plan for those changes together.
Experienced professionals can be helpful, but their role should not be overstated. They cannot solve family disagreements on their own. What they can do is help families talk openly about difficult issues.
They can guide discussions so that different generations and cultures are heard and understood. They can help turn ideas into clear plans that everyone accepts.
They also support families in reviewing and adapting these plans as things change. But in the end, the real work depends on the family’s willingness to be honest and to listen to one another.
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