Скачать или смотреть Family Fiduciary Secret #25: Engage a Reliable Facilitator

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Family fiduciaries rarely have the background to meet their many responsibilities. They just don't have the training, experience, expertise, or sometimes even the time because they have their lives and just to be a family fiduciary is a job in and of itself.

They need the ability to understand the nuances of the income tax and the state laws, spectrum of investment options, and the complexities of family governance issues. And as you grow your family and you're a matriarch and a patriarch, it's just kind of normal you get better at it as things go along. But an extreme example is the death of a spouse when these family fiduciary responsibilities are front and center.

One entrepreneurial family we work with, the husband was clearly responsible for the business decisions. He was doing a great job; he had multiple businesses going and real estate and just a bunch of complexity that he handled as his wife supported. But then he had a stroke and it ended up that his wife was all of a sudden in charge. She was overwhelmed with the breadth and the complexity of what she had to do alone.

So she turned to her most trusted advisor -- that's where people usually turn, the person they trust the most, and this happened to be her estate planning attorney. And he introduced us as their family office. All we do to get started is we take a look at the big picture and then we put it in context for the family fiduciary.

And once she had that clear picture, she was very capable of making decisions. She lived with an entrepreneur all her life and they were involved in the decisions, and so when she understood that she had fiduciary responsibilities --now as the patriarch, although it was still a living trust, her husband wasn't capable of making decisions.

And then he passed away and now she had the irrevocable ability of his half of the estate that she had to deal with, which is something that usually comes as a surprise to surviving spouses and then they have to deal with family dynamics. On top of that, what happens after one spouse passes away is there was compromise before, now there's not compromise anymore because there's only one person and they can do things the way they want, and depending on who passes away, these states can end up very different.

So what she did as part of her transition, she realized how hard it was for her so she started to involve her son. Her daughter had passed away; she had two children, her daughter passed away, and so she started to prepare her son to take over when she no longer could. And this really helped because he had a chance to sit in that family fiduciary driver's seat utilizing the family office as a support.

And then she passed away and the son has now carried on, he's carrying on in stride. He has a vision of what's going to come next for the family and the support of the family office that she established. So at a certain level of wealth, it's impossible for one person to meet all the family fiduciary responsibilities. They need a team of professional specialists. And the team of specialists, very few of them have the experience or even the desire to coordinate the whole team because they're specialists.

So that's why people start and seek out somebody to kind of pull it all together like a family office. It's either that or you have to control it all yourself, which a lot of times gets overwhelming.