The Critical Piece Of Estate Planning Many Families Overlook

As the author asks, the market is full of talent advisors, tax professionals and attorneys, but what about the transfer of family values, stories and hard-earned wisdom? How are these “assets” communicated and protected?

The following article examines an aspect of estate planning
that many families fail to grapple with, or may not even think
about. The author, Dr Rick Stevenson (main picture) (more details
about him below) talks about the power of family stories, and how
narratives can shape discussions. This is far from being one of
those “soft” topics: understanding what drives a family can have
very “hard” benefits and can equally avoid severe problems. The
editors of this news service are pleased to share these insights;
the usual editorial disclaimers apply. To respond, email [email protected]
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When I was three years old, I suffered from chronic bronchitis
and lost my hearing for nearly a year. 

My parents distinctly remember me finding solace in a book called
Harold and the Purple Crayon. Harold draws his own world
into existence and, in the process, becomes the author of his own
life. It was his own, unique story and one worthy of sharing with
the world.

This is how I think about family legacy planning.

For all the right reasons, families partner with advisors and
commit a great deal of time, thought, and resources to
structuring their estate plans. Meticulous care and attention are
given to the distribution of assets, tax implications, legal
structures, asset protection, and so on. 

But this critical planning often shortchanges, or outright
excludes, the most valuable asset a family possesses – their
stories. My favorite African proverb says, “when a person passes,
a library burns down.”  Yet 99.9 per cent of us take our
stories to our grave. What a criminal waste of human knowledge
and wisdom.

The marketplace is full of very talented financial advisors, tax
professionals, and attorneys who can help a family pass wealth
efficiently from one generation to the next. But what about the
transfer of family values, stories, philosophies, ideals, and
hard-earned wisdom? These are assets that don’t make it onto
balance sheets, but their value is undoubtedly priceless to the
family’s legacy. 

These are not new insights I’m offering. The practice of creating
an “ethical will,” where a person or family writes down personal
values, beliefs, etc. to complement their financial and legal
estate planning, goes back well over 1,000 years. There are even
examples found in the Bible. 

What’s exciting about this moment is just how effectively a
family can record and communicate their stories. With the right
mix of expert guidance, creativity, and technology, families can
essentially build an immutable and timeless library of content to
connect generations and give their wealth deeper meaning.  
  

In a world that feels increasingly divided, preserving and
sharing a family”s legacy is one of the most profound ways to
foster unity. Family stories transcend politics and borders. They
remind us of shared experiences, values, and aspirations that can
bring generations together. By embracing storytelling as part of
estate planning, families can create a collective narrative that
strengthens bonds and promotes understanding, ensuring that their
legacy becomes a unifying force rather than something that
divides.

As a starting point, there are three action items advisors can
share with families to help them prioritize this key aspect of
legacy planning.

First, advise clients to start documenting their life stories,
either through written memoirs, audio recordings, or video
interviews. Personal touches add depth, allowing future
generations to feel connected to the family legacy.

Second, organize sessions where multiple generations of family
members can share their experiences, values, and aspirations.
These gatherings not only preserve stories but also strengthen
family bonds and ensure that the legacy is a collective
narrative. 

Finally, collaborate with professionals who specialize in
capturing and preserving family narratives. Most of my career has
been dedicated to professionally conducting interviews and
collecting personal stories. Today, my firm StoryQ, helps
multigenerational families uncover their shared purpose and
collective voice through guided interviews, which we transform
into high-quality documentaries.

Incorporating storytelling into estate planning is more than a
sentimental endeavor. It’s a strategic initiative that ensures
the family’s legacy is rich, authentic, and enduring. Financial
advisors and family offices that focus on family governance and
communication can add tremendous value to a family’s legacy. You
can help families fortify their wealth’s purpose and give
multiple generations a profound sense of connection to the
family’s history – and its future.

About the author

Rick Stevenson has filmed over 6,000 in-depth interviews with
kids and teens from 12 countries as part of a longitudinal
project using his StoryQ method of inquiry dedicated to raising
emotional intelligence. He is a creative and passionate
combination of award-winning filmmaker and Doctor of Philosophy
from Oxford University. He has directed, produced, and/or written
twelve feature films and 100 hours of television, working with
artists such as Robert Redford, Hugh Grant, Christopher Plummer,
Kiefer Sutherland, Meg Ryan, and Patrick Dempsey. He’s an author,
a public speaker, a husband, and a father of four who splits his
time between Seattle, Washington and Vancouver, British Columbia.