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Why Your Family Needs a Mission Statement
- Sabine Franco
- Jan 14
- 3 min read
Most people know they should have a will or a trust. But there’s a bigger question most families never talk about:
Why does your money exist in the first place?
Not how much you have. Not who gets what. But why you built it—and what you want it to do for the people you love.
That’s where a family mission statement comes in. When you pair a clear mission with a solid estate plan, you dramatically increase the chances that both your money and your relationships last for generations.
Why Money Alone Doesn’t Hold Families Together
You can spend your whole life building wealth and still see it disappear quickly.
Research shows:
About 70% of families lose their wealth by the second generation
Nearly 90% lose it by the third
This usually isn’t about bad investing. It’s about the human side of planning:
Poor communication
Unclear expectations
Lack of trust
Family members unprepared for responsibility
Legal documents matter—but they don’t explain your intent. And when intent isn’t clear, conflict fills the gap.
What a Family Mission Statement Really Does
A family mission statement is a short, written explanation of your family’s values, purpose, and goals—especially around money and legacy.
It is:
Not a legal document
Not a replacement for a will or trust
Think of it this way:
Your estate plan says what happens
Your mission statement explains why and how you hope it’s used
Together, they work like a family playbook—guidance your loved ones can lean on during stressful and emotional moments.
How It Supports Your Estate Plan
A family mission statement helps:
Blended families understand how you want to care for a spouse and children
Young adult children understand why money may be held in trust or released over time
All families stay aligned around shared values instead of assumptions
In my work, the goal isn’t just to create documents—it’s to create a plan that actually works when you’re not there to explain it.
How to Create a Simple Family Mission Statement
You don’t need a lot of money. You just need honesty and intention.
1. Identify Your Values
Ask yourself:What matters most to me?If your family remembered three things about you, what would you want them to be?
Examples: family, education, faith, generosity, stability, service.
2. Connect Values to Money
Ask: How should money support these values?
Examples:
Education → school, training, or starting a business
Family → shared experiences, not just inheritance
Generosity → giving back or supporting causes
This step shapes how your estate plan is designed.
3. Write It Simply
Aim for 3–6 sentences. Use everyday language.
Example:
“In our family, relationships come first. Money exists to support education, meaningful experiences, and generosity—not entitlement. We work hard, care for one another, and use what we have to make life better for our family and community.”
4. Share and Align
The real power is the conversation. Share your mission with your family, listen, and then make sure your estate plan actually reflects it.
If your mission says “family comes first,” but your plan sends everyone to court, something needs to change.
A written mission—paired with a working estate plan—gives your loved ones clarity, direction, and peace of mind long after you’re gone.
Frequently Asked Questions
What is a family mission statement?
A family mission statement is a short description of your family’s values and purpose that helps guide decisions about money, legacy, and relationships.
Is a family mission statement legally binding?
No. It’s not a legal document. It works alongside your will or trust to explain your intentions.
Who should help create a family mission statement?
Usually a spouse or partner first, then adult children. The goal is clarity and understanding—not perfection.
This article is a service of The Ambitious Legacy Firm. We do not just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That's why we offer a Legacy Planning Session, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by using the link below to schedule a call with our Client Services Director, who will be able to guide you on scheduling your Legacy Planning Session.
WE CARE ABOUT YOUR LEGACY.
LET US HELP YOU PLAN IT!
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