What is a Family Constitution
A Family Constitution is a formal document that outlines a family’s mission, values, and policies concerning the management of their wealth and business interests. It serves as a guiding framework to ensure alignment and continuity across generations, helping to manage family dynamics and decision-making processes effectively.
Components of a Family Constitution
Key components of a Family Constitution may include the family’s mission statement, core values, governance structures, roles and responsibilities, conflict resolution mechanisms, and guidelines for wealth management and succession planning. Each element is designed to support the family’s long-term objectives and preserve its legacy.
