Legacy planning also allows family members to pursue their own goals as well as bring value back to the family as a whole, according to the couple. That could involve entrepreneurial pursuits or philanthropic work. Or it could allow individuals to pursue an art or music career, or engage in research. Family wealth provides family members with time and freedom of choice.
"We want to encourage the value of the individual, while making use of the collective strength, the 'we,' of the family," Friend says. "Then the family legacy can be intentional, articulated and passed on."