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  • 08 April 2014 12:55
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Benefits to the Family and Next Generation

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Benefits to the Family and Next Generation



Families who have focused on and invested in the key elements of Heritage Planning are nine times more likely to successfully retain and develop their assets and their unity across multiple generations.

Heritage Planning ensures the next generation:

  • Knows how to live effectively with wealth

  • Has a firm grasp on the financial world

  • Have sound values and attainable dreams for the future

  • Is able to make joint decisions smoothly and intelligently – even in the parent’s absence

  • Is able to handle conflict effectively, thanks to mutual understanding, clear values and the skills and talents needed to resolve differences



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What is Heritage Planning?



It is the 3rd element of the planning process, working in harmony with financial and estate planning.

  • Financial Planning grows the assets

  • Estate Planning prepares the assets for the children

  • Heritage Planning prepares the children for the assets


It acts as the bridge between planning for the future of your money and planning for the future of your family.
Heritage Planning provides families with a multi-generational vision looking 25 / 50 / 100 years ahead. They become the architects of a Heritage Infrastructure that facilitates the retention and development of their assets, whilst ensuring those assets have a positive influence on the lives of their children, grandchildren and future generations.
This vision and relevant structure, coupled with shared goals both collectively and individually empowers families to become a multi generational team. It highlights the roles required for the family to be successful and creates real life experiences for the children and grandchildren to learn the skills and talents needed to fulfil those roles. Having the right people in the right roles is fundamental to success. It also provides a structured decision-making and dispute resolution process to maintain family unity.

This structure enables the next generation to inherit their family’s Human and Intellectual Capital before the Financial Capital.

  • Inheriting the family’s Human Capital is to know who came before you, what they worked for, what they stood for, what they believed in and what they wanted for their family in the future

  • Inheriting the family’s Intellectual Capital is to know the values, beliefs, principles, philosophies, skills, talents, risk taking, decision making and work ethic that enabled the family to create the assets in the first place


Enabling the next generation to inherit their family’s human and intellectual capital before they inherit the financial capital makes them nine times more likely to successfully retain and develop the assets and the unity across multiple generations.

Benefits to the Next Generation



Through the Heritage infrastructure, family members support and encourage each other to achieve their individual and collective visions. As a result, the following benefits are created:
Human Capital

  • Renewed appreciation for past and present generations

  • ; A sense of connection to family members, past and present

  • Increased importance of family stories and traditions

  • An understanding of where the family comes from

  • Clarity and alignment with where the family is going

  • A desire by the next generation to lead the family forward


Intellectual Capital



  • The collective vision highlights the roles required for the family to be successful

  • The next generation has the opportunity to acquire the skills and talents specific to:

  • The role(s) they hope to play in the family going forward

  • The achievement of their individual and collective vision

  • The next generation is able to make joint decisions smoothly and intelligently – even in the parents’ absence

  • The next generation is able to handle conflict effectively, thanks to mutual understanding, clear values and the skills and talents needed to resolve differences


Financial Capital



  • The next generation knows how to live effectively with wealth

  • The next generation has a firm grasp on the financial world

  • The family has a clearly defined mission statement for the wealth

  • The family’s financial capital is a force for good and represents success and fulfillment in the lives of the next generation(s)


New Family Norms



  • Family members support and encourage each other to achieve their individual and collective visions. As a result, they become a multi-generational team

  • The family adopts a decision-making and dispute resolution process to maintain family unity

  • There is a culture of learning and development within the family

  • Greater desire from family members to fully participate in "being a family”


How does Heritage Planning work?



Heritage Planning follows a process, which inherently allows the family to:

  • Identify their vision and purpose – to ensure that the children, grandchildren and future generations have the life they hope for

  • Create a Heritage strategy – the plan for what the parents hope happens as a result of their wealth passing to the next generation

  • Implement / Realise the strategy in order to achieve the vision and purpose

  • Integrate – the creation of new family norms as a result of the identification of the vision and purpose and the implementation of the strategy


Contact us:

For further information please contact the Nicholas Charles from Charles Group on 020 7263 3295 or email info@charlesfcca.com
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