A step-by-step guide to hosting a family meeting

A
step-by-step guide to hosting a family meeting

Family
& Lifestyle

Where
should you meet? What should you discuss? Who should be there? Consider these
suggestions.

Estate
planning is more than just sharing wealth – it also includes the passing down
of your family’s values and history to the next generation. And while selecting
the right financial strategies is crucial to ensure your family’s long-term
well-being, it’s just as important to prepare your loved ones for the
responsibilities of managing the wealth they’re set to inherit.

One of the
best ways to start this preparation is by hosting a family meeting to have an
open conversation about your family’s unique situation, needs and goals. Here’s
a guide to get you started.

When and
where should you meet?

If you and
your loved ones live near each other, picking the time and place for your
family meeting may be as straightforward as inviting them over for an extended
dinner. However, if everyone is spread out, finding a time to get together may
take more planning. Do you have a family reunion coming up? Consider tacking on
a day to your vacation to talk about the future and your wishes.

When
choosing your meeting location, think about where everyone will feel most
comfortable. Perhaps it’s somewhere familiar like your home or a more formal
setting like your financial advisor’s office. Maybe you’d prefer someplace
completely neutral like a hotel or an intimate restaurant or coffee shop.

Who
should attend?

This may
depend on what you plan to discuss. Very personal matters may need to be
addressed with immediate family first. Eventually, you may want to invite
in-laws and grandchildren into the conversation, and then include your
professional advisors to help you take action on follow-up items. Sensitive
subjects should be broached carefully in order to build consensus among
decision-makers.

As you
invite the relevant players to the table, consider what role they’ll play. Is
one more financially savvy, one the family historian or one more responsible
than others? You may want to assign a different person to communicate with the
family attorney, accountant or trustee; to update your financial advisor; to
spearhead the family’s philanthropic endeavors; and to serve as the family
educator. Capitalize on each person’s skill set to keep the lines of
communication open, lend a sense of accountability and keep everyone engaged
during the meetings. You can always switch up the roles in subsequent
get-togethers, so no one feels unduly burdened or left out. Consider assigning
a family secretary to keep track of action items and to document what decisions
were made.

What
should you talk about?

There’s a
wide range of topics you may wish to cover with your family. Some may be harder
to talk about than others, but that just means they’re that much more
important. Here are a few ideas to get the conversation flowing:

• The importance of a job well
  done. Many
  families value hard work and integrity as antidotes to a sense of
  entitlement.

• Intentions for your family
  wealth. Develop
  a mission statement together so you all know what values you hope to
  promote through philanthropic endeavors.

• The value of higher
  education. Family
  support can help the next generation reach their educational goals.

• Potential investment
  opportunities. One
  family member may be interested in stretching his or her entrepreneurial
  wings or investing in a growing business. Do you have the means to help,
  either financially or through introductions and networking?

• Business plans. If you’re a business
  owner, have you planned for the succession of your business once you
  retire? How might your family or children play a role in that
  transition?

• Health, mobility and caregiving
  concerns. Whether
  you’re the matriarch or patriarch or a concerned son or daughter, these
  very real issues should be addressed before they start taking a toll. Who
  will take care of whom and for how long? Where will you live? What
  renovations may need to be made? Share your wishes and listen to each
  other as you navigate this topic.

• Points of transition. Family changes affect the
  conversation. How do you want to address survivors or changes in
  beneficiaries after births, marriages or divorces? What about inheritances
  for children, stepchildren or half-siblings? While these discussions can
  be uncomfortable, it’s important to talk through them together and decide
  what makes the most sense for your family’s situation.

When
should you reconvene?

Like the
other aspects of planning a family meeting, this depends on your family’s
unique situation. You may find you need one or two longer meetings to get
going, followed by shorter gatherings held semiannually or annually. Or perhaps
you’d prefer casual but regular meetings held monthly or bimonthly. After your
initial conversation, you may be better able to gauge what will work best for
you and your loved ones.

Pendle Hill
Advisors is proud to support the Montgomery County News with our weekly
columns. If you would like more information about this or past columns, please
feel to contact our office in Historic Montgomery.

Kent Pendleton, AAMS®

Financial Advisor, RJFS

Pendle Hill Advisors LLC

14375 Liberty St, Ste 109 | Montgomery,
TX 77356

T 936-297-8267

Kent.Pendleton@raymondjames.com | www.raymondjames.com/pendlehilladvisors

Material
created by Raymond James for use by its advisors. Securities offered
through Raymond James Financial Services, Inc. Member FINRA/SIPC. Investment
advisory services are offered through Raymond James Financial Services
Advisors, Inc. Pendle Hill Advisors is not registered broker dealers and is
independent of Raymond James Financial Services.

Raymond
James and its advisors do not offer tax or legal advice. You should discuss any
tax or legal matters with the appropriate professional.