Family wealth is like a well-equipped vehicle with endless potential—when you know where you’re headed, it can take you far. But without clear direction, it’s easy to get lost along the way. This is the fundamental idea behind creating a family mission statement, which acts as a compass to guide decision-making, align family values, and strengthen bonds across generations.

Defining Your Family’s Purpose

A family mission statement expresses the core values, purpose, and principles that unite your family. Every family has its unique vision. For instance, one family might focus on nurturing creativity, curiosity, and personal responsibility, while another may prioritize trust, respect, and a legacy of compassion. Some families may combine entrepreneurial drive with strong, supportive relationships. The key is to create a statement that reflects what matters most to your family.

Why a Family Mission Statement Matters

A well-crafted family mission statement serves as more than just a statement of purpose; it is a tool for long-term wealth preservation. It helps avoid conflicts over how to manage or invest family resources, keeps a family business thriving across generations, and provides a foundation for raising children with strong values. A family mission statement can also prevent the damaging sense of entitlement that sometimes arises with wealth, offering a clear sense of purpose for all members.

Key Elements of a Family Mission Statement

A family mission statement often includes the following components:

• Core values and beliefs
• Purpose or vision for the family
• Goals and expectations
• Guidelines for behavior
• Commitment to relationships and communication
• Approach to problem-solving and challenges
• Aspirations for personal growth and legacy

It’s important to understand that while a family mission statement isn’t legally binding, it can provide valuable guidance when making decisions, especially for estate planners and trustees who are interpreting the family’s wishes.

Steps to Creating a Family Mission Statement

Creating a family mission statement usually involves the collective input of parents or other adult family members. Start by gathering everyone, including children, and encouraging them to share their thoughts. Focus on your family’s shared values, like responsibility, education, work ethic, or success. Reflect on your family’s “why”—what motivates you and how you want to use your resources to make a difference.

Keep It Simple and Focused

Once you’ve gathered everyone’s ideas, collaborate to draft a concise statement that embodies your family’s purpose, values, and goals. Aim for a few sentences, or at most two to three paragraphs. The goal is to keep it clear and memorable, serving as a consistent guide for family actions and decisions.

Once completed, display the mission statement prominently in your home, ensuring that it remains a daily reminder of your family’s shared values. It’s also important to revisit and update the statement regularly as your family grows and changes.

How We Can Help

Your family mission statement can also be a valuable tool for your financial advisor. It helps them understand your family’s deeper values, enabling them to tailor financial guidance and planning to align with your long-term goals. A family mission statement doesn’t just preserve wealth; it helps foster harmony, trust, and a unified vision for the future.