You probably know you “should” have a will or a trust, but have you ever talked with your family about why your money exists in the first place? A simple family mission statement, combined with a comprehensive estate plan can dramatically increase the odds that your wealth and your relationships stay intact for generations.
In court once, I heard a judge warn a suddenly rich hier with the proverb, “Shirtsleeves to shirtsleeves in three generations.”
A little Googling reveals that sentiment is repeated around the world, and for good reason: You spend a lifetime working, saving, and building a life for the people you love. Yet research shows that an estimated 70% of wealthy families lose their wealth by the second generation, and around 90% lose it by the third.
That kind of loss usually is NOT just about bad investing. It is about something deeper: no shared purpose, no shared story, and no shared plan.
In this article, you’ll learn:
- What a family mission statement is (and is not).
- How it works together with your legal planning to protect both money and relationships.
- Simple steps to start your own family mission statement, even if you are not ultra-wealthy.
Why Money Alone Won’t Hold Your Family Together
Most people believe that if you leave “enough” money and the right legal documents, your work is done. Those are important, but it’s like framing + cladding a house without addressing how you’re going to live in it.
Most family wealth disappears because of breakdowns in communication, lack of trust, unspoken expectations, and heirs who are unprepared for responsibility. That’s the human side of planning; instead, people tend to focus on documents, like a will, trust, power of attorney, and health care proxy, without stopping to consider the how they’ll actually work.
This is where conflict often begins. Adult children may have different interpretations of your intentions. A surviving spouse may feel overwhelmed without guidance. Siblings may not agree on how assets should be used or what “fair” really means. Even in loving families, grief can magnify old wounds, create misunderstandings, and lead to decisions made from fear, anger, or resentment rather than clarity.
While a family mission statement cannot prevent every disagreement, it gives your loved ones an anchor: a shared understanding of why your resources exist and how you hope they will be used. When you pair that shared purpose with an estate plan that keeps your loved ones out of court and out of conflict, you dramatically increase the likelihood that your wealth and your relationships stay intact for generations.
Turning Your Estate Plan into a Family Playbook
A family mission statement is a short, written declaration of your family’s values, purpose, and goals around life, money, and legacy. It is not a legal document, and it does not replace your will or trust. Instead, it gives context and direction to the legal plan you create.
Think of it this way: your legal documents say what happens to your assets. Your family mission statement explains why and how you hope those assets are used.
My estate planning process is built around this idea. It begins with a set of documents, but continues with the intent of creating a plan that actually works for the people you love when you cannot be there. That includes:
- A complete inventory of what you own, so nothing is lost or forgotten.
- Clear instructions about who does what, and how to get help.
- Regular reviews so your plan keeps up with changes in your life, the law, and your assets.
Your family mission statement sits right alongside all of this. Here is how it can support your plan:
- For blended families, it can clarify your intention to care for children from prior relationships and a current spouse, so no one is left guessing.
- For young adult children, it can explain why their inheritance may be held in trust, or why distributions are tied to education or work, helping them feels supported rather than controlled. For all families, it offers a shared “north star” you can revisit at family meetings, during life and after a death or incapacity. When clients work with me, I help them see what would happen to their assets and their loved ones if they become incapacitated and when they die. We’ll then design a plan that reflects their values, goals, and family dynamics. The family mission statement becomes part of that conversation. Once you understand how these pieces fit together, the next step is to put your mission on paper in a way that feels real and usable, not stiff and corporate.
Simple Steps to Create Your Own Family Mission Statement
You do not need $5 million, a private banker, or a formal “family office” to benefit from a family mission statement. You only need a willingness to be honest about what you care about and a bit of time to talk. Here is a simple way to start:
- Identify your core values.
- Set aside time and list the words that matter most to you: things like generosity, learning, faith, adventure, service, or stability. Ask yourself: If my children remembered three things about what I stood for, what would they be?
- Connect values to money.
📞 Schedule your complimentary 15-minute Discovery Call today to take the first step!