Creating a Single Family Office can help you streamline your finances and your life, but it's vital that you take the time to clarify your needs and goals before jumping into the creation process.
Key Questions to Ask Before Forming a Single Family Office
If you are interested in forming a Single Family Office, some of the questions you should ask yourself include:
- What has been your experience working with outside professionals in the past to handle areas such as investment management and estate planning? Think about whether you prefer a specific type of communication or management style, the complexity of your personal and financial needs, how comfortable you are delegating responsibility for decision-making, and what aspects of your current arrangement you could improve by creating a Single Family Office.
- What additional activities would your family be interested in taking on if they had the necessary resources and support? This could include everything from expanding your charitable giving to providing support for younger family members to pursue educational opportunities or begin their own businesses.
- If cost becomes a consideration, what services are the most important? Single Family Offices can be customized to fit individual needs, but some services may not be cost-effective. If you're working with a specific budget, make a list of three to five services provided by a Single Family Office that you consider to be the most important.
- Which family members are willing and capable of overseeing a Single Family Office? Although the professionals you hire are there to make your family's life easier, you still need a few family members who can provide the necessary leadership and direction.
- Does your family have special circumstances that must be considered? This can include everything from estrangement or tension between certain family members to the dynamics of running a family-owned business that only certain members are involved in on a day-to-day basis.
We're Here to Help
There's a lot to consider when you're thinking about forming a Single Family Office, but you don't have to go through the process alone. Our international business planning attorneys are well-equipped to help you create a Single Family Office that will effectively manage your busy schedule. Contact us to learn more.