How do multi-generational families manage shared wealth?

Multi-generational families typically rely on a written family governance framework — a family constitution or charter — that defines decision-making rights, distribution policies, employment criteria for family members, and conflict-resolution processes. A quarterly family council meeting, supported by consolidated financial reporting and an independent advisor, gives the structure to make joint decisions without conflict eroding the relationships or the wealth.

What is a family constitution?

A family constitution is a written document — usually 10–30 pages — that captures the family's shared values, mission for the wealth, governance structures (council, board, committees), policies on family employment and distributions, education plans for next-gen members, and processes for amending the document itself. It's not legally binding like a trust, but it provides the social contract that holds families together across generations and decisions.

Case Study• 7 min read

Multi-Generational Wealth: Preparing for Transition

A $60M family with three generations involved needed governance structure and succession planning support. We built reporting tiers, family council protocols, and next-gen education programs.

By Ally Hormell, Founder & Fractional CFO

Family WealthGovernance Stage

Illustration for Multi-Generational Wealth: Preparing for Transition — The Aligned Ledger insights article on Family Wealth

A $60M family with three generations involved needed governance structure and succession planning support. We built reporting tiers, family council protocols, and next-gen education programs.

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