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Family Governance: Put It In Writing

concentrated young woman writing in notebook at workplace

Family governance in the simplest terms is how a family organizes or comes together for decision making. As a family’s wealth grows, typically so do the number of family members. Developing family governance is a process in and of itself because the best governance for a family is the one created by and agreed to by that family. A common industry phrase goes “When you’ve seen one family office, you’ve seen one family office” – this is because family units are inherently unique and therefore no two family offices are exactly alike. Consequently, no two family governance structures are exactly alike, nor should they be. That’s primarily the reason why there is no existing family governance “template” that you can just cut and paste or slightly tailor similar to a will or trust document or a formation document for an entity like an LLC or partnership.

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