As A Family Office, Do You Really Understand What Legacy Means?

How Families can Keep Their Family Legacy Alive for Centuries

A family legacy is more than leaving money available for future generations. It is also more than just a collection of old photos and heirlooms. It's a valuable inheritance that should be passed down from generation to generation. It's the story of who the family is and where your family comes from.

The importance of keeping your family legacy alive has been shown repeatedly. It has been proven to promote family unity, instill pride in family members, and connect people with their roots.

There are many ways to keep your family legacy alive for centuries. You can start by collecting and preserving family photos, stories, and heirlooms. You can also create a family tree and share your family history with future generations.

When I think of this, I think of a few family offices that have done an excellent job of this.  One is an SFO out of Florida.  I walked into their office, and everywhere were pictures of the family. On trips, family events, family outings, and family history.  When I walked in, it was apparent not only that there was a proper grounding of the family, but the family meant everyone from the Patriarch down to the grandchildren and the great-grandchildren.

Another office I went into one time, back in Boston, had an even greater history of the family around the office. Because this family (a very well-known family) went back to the 1800s, you can imagine what artifacts were around the office. It felt like a historical museum, but it gave me a great understanding of the family's pride.

Taking care of your family legacy ensures that your family's story will be told for generations.

Why is it important to keep your family legacy alive?

There are many reasons why it's essential to keep your family legacy alive. For one, it promotes family unity. When you know where you come from and have a shared sense of history, it can be easier to connect with other family members. Keeping your family legacy alive can also instill pride in family members. When you know your ancestors' story and your family's accomplishments, you cannot help but feel proud. Lastly, connecting with your family roots can give you a sense of belonging. Knowing where you come from can help you make sense of who you are and what it means to continue the legacy for future generations. Too often, wealthy families and their story gets watered down as the 3rd generation, and the 4th generation comes into existence.  When money is part of the family, the origin of wealth, what it took to create it, and the purpose and culture of the family changes because the younger generations are so far removed from the Patriarch/Matriarch. 

Conclusion

Families and Family Offices need to seriously consider the importance of keeping the family legacy alive through the stories of the families, heirlooms, artifacts, pictures, and the families' humble beginnings.

The statistic that I and others in the family office space often quote is how only 10% of family wealth makes it to the 3rd generation and 5% to the 4th generation. Installing broader education for their family will help change these numbers so that the wealth can stay in the family and be used to make the world a better place, one generation at a time.

About: DJ Van Keuren has worked for a number of prominent families on their real estate portfolio over the past seven years. Named as one of Family Capitals Top 10 U.S. Family Office Real Estate Professionals, one of Trusted Insight's Top 30 Real Estate Investors at a Family Office, and is founder of the Family Office Real Estate Institute, and is the Co-Managing Member for Evergreen Property Partners, an invite only family office real estate consortium.