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More Than Money by Michael A. Cole

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CHAPTER 5Should We Manage Wealth as a Family?

Whether to manage wealth as a family collective is an important and complex decision. Careful consideration has to be given to the nature of the wealth, the legal structure of ownership, the roles and responsibilities of the family members, the relationships among the key constituents, and their shared and independent values, goals, and objectives, among other factors.

From reading Chapter 4, you may have come to the conclusion that managing wealth as an all‐family consortium is the only road to take. That's not necessarily the case. For some families, the best decision is for each member to manage his or her own wealth based on independent goals and preferences.

Among the myriad reasons a family ...

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