Summer often brings more time with family, whether you’re vacationing with children and grandchildren or heading out to a reunion. And while you obviously want to have fun during these events, they also offer prime opportunities to talk about what you want for your family, both during your lifetime and for future generations.

 

Of course, talking about a future that eventually won’t include you can be difficult for all involved. One way to introduce the topic is by creating a family mission statement. Just as businesses frequently use mission statements as an affirmation of their purpose, competencies and objectives, you can develop one to succinctly state what your family is about and where you want to go.

 

This simple exercise can make a serious topic easier to discuss. You can start by stating your goals and discussing the legacy you want to leave. Your children and grandchildren can offer their insight into the important values they’ve received from you and how the family can honor those values. And, for those fortunate enough to be in a position to help others, a mission statement can assist future generations in continuing the philanthropic journey you’ve begun.

 

The mission statement should be a source of reference to help the stewards of your legacy make appropriate decisions. It doesn’t have to be elaborate, but you should try to include details that will reduce the opportunity for misunderstandings in the future. In fact, you can use the results of your family discussion to provide your professional advisors – such as your attorney, accountant and myself – with a firm foundation from which to offer appropriate advice and guidance.