In-laws in the wealthy family: Roles and contributions to the ownership

In this article, we take a closer look at how you, as a daughter-in-law or son-in-law, can find your role in the family ownership and how you, as a family, can create good opportunities for daughters-in-law and sons-in-law to inform and influence.

Preparing the Next Generation

When we talk about families with intergenerational wealth, there is a lot of preparation to be done to turn the children into good owners with sensible values, dreams, and drive. This is a task for both parents, and as in-laws, you need to be consulted and have your wishes heard. Take an active role in giving your children a good future as owners and be sure to participate in the plans and activities together with your spouse.

Family Philanthropy

While investments and business management are often exclusive to the immediate family, philanthropy is an area where everyone in the family can/should participate. Philanthropy – and the feel-good factor it comes with – is a particularly good area in which you can bring your family together and put the wealth to good use. As a daughter-in-law or son-in-law, you can contribute to the work via volunteering, networking, knowledge sharing, and engagement.

Pursue Your Own Interests

There is a lot of energy in money. So much energy that you can get sucked into a vortex of activities, opportunities, and information concerning the management of wealth or a business. As such, it is highly recommended to make sure you have an independent life outside the ownership, with your own career, interests, and social life. By pursuing your own interests, you ensure that you have space to set your own agenda.

Family Meetings

As a family, it is a good idea to make sure that everyone is well informed about the dynamics of the wealth or business. Two annual family meetings involving in-laws and older children is a rewarding tradition that can do much to unite the family around the fortune. At the family meetings, information on the growth of the wealth, new initiatives and actions, the services and counselling provided by the family office, if any, and the development of the next generation are provided.

And, there should be plenty of opportunity for everyone in the family to ask questions, make suggestions, and get involved.

Inspiration

Do you want to learn more about this topic? Here are a few questions you may find useful to discuss in family forums:

Questions for Discussion in the Family:

Would the in-laws like to be further involved?
If so, do we understand their careers and competencies so we can find a role within the ownership for the individual?
Do we have (enough) family meetings?
If so, are we using them properly and do they provide enough opportunities for involvement and shared learning?
Is the development of the next generation a joint effort? How do we make sure that it is a two-parent/multi-generational task?

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If you have any questions or comments, please feel free to contact us.