Everyone leaves a legacy. What is yours? Are you prepared?

Merriam-Webster defines legacy as “a gift by will especially of money or other personal property” or “something transmitted by or received from an ancestor or predecessor or from the past.”[i] The prevalent perception in the context of wealth transfer in the United States is the first narrow definition, emphasizing an inheritance of money or property. However, at Wealth BoB, the focus is on the broader second definition that extends beyond finances. This definition includes passing on family values and governance as well as strengthening interpersonal relationships and intrafamily cooperations.

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Each individual leaves a legacy, whether planned or accidental. But an enduring legacy that benefits generations doesn’t happen by chance. Instead, it is achieved through years of deliberate planning and coordinated efforts by the family.
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According to the HHS Research the following are nine traits found in successful families:

1. Communication: Family members talk often, clearly, openly, respectfully, and honestly.
2. Autonomy: The family supports and respects each member’s strengths, interests, and well-being.
3. Family Unit: Each family member commits to strengthening the family unit during good and bad times.
4. Appreciation: Members express appreciation often with actions and gestures.
5. Spirituality: Each member relishes something more significant than oneself, such as practicing a religion or connecting to nature.
6. Resilience: A family’s ability to cope and overcome challenges, as well as its flexibility to change its “power structure, roles, and rules” to adapt and thrive.
7. Societal Connectedness: The family and its members are active in society through friendships with non-family members, including neighbors, and through involvement in community activities and organizations.
8. Clear Expectations: Each family member is aware of the family’s values, mission, and goals, as well as their responsibilities in and to the family.
9. Time Together: Family members spend quality time together often and enjoy and look forward to the experience.
    

In summary, touchy-feely, non-monetary factors shape a person’s legacy more than a person’s net worth. Introducing and incorporating these successful traits will set your family on a path to counting its blessings.