Family Mission Statements
Having a purpose in life is an important part of making decisions. Whether we conciously choose a purpose or not, our daily decisions constitute our purpose in life by default. The default choice often turns out disappointing.
Part of finding our purpose, and then living by it can be assisted by creating a Family Mission Statement. For the estate planning process, a family mission statement is extremely valuable. The mission statement will the the guiding principle and purpose for the choices you make.
Here is an interesting article on what estate planners need to know about mission statements. The author tackles the fear of parents that will leave wealth to their children:
Medieval alchemists failed to turn lead into gold. Wealthy twenty-first century parents fear a reverse alchemy. Will their privileged children transmute inherited gold into leaden lives – hollow, shallow, self-absorbed, addicted, indolent, meaningless, wasted?
He discusses how the extremely rich use mission statements to develop a coherent plan to passing on their wealth and passing on enduring values.
Whether you are extremely rich or not, you can pass on your wealth and your values. A caring estate planning attorney will be sure to ask you questions regarding how and why you want to do the certain things that you choose to do. With a mission statement, you will be prepared to answer those questions because you will have a purpose for the answer.
As part of my planning, I like to help my clients with those questions. Some are not interested, but many of my clients find the process of considering their purpose and mission very helpful in the planning process.
