Using A Family Mission Statement Written by James C. Mulder, WealthKeepers 713-461-9699 / JCMulder@WealthKeepers.net / www.WealthKeepers.net The use of a Family Mission Statement is something that is not widely discussed in the estate planning arena. In years past, I only prepared one when the family I was doing estate planning for asked me. But in this society where children don’t seem to spend as much time with the family as they did in years gone by, I think it a good idea to consider providing your children and other loved ones with your personal mission statement for your family. This can be put in your living trust document or, if you want it to be a public declaration of your values, you can put it in your will which will be probated as a public record after your death. This article examines some different aspects of Family Mission Statements for your consideration to incorporate in your estate plan. What Should a Family Mission Statement Contain? Usually, a Family Mission Statement has several parts, it can have a general overview, then a personal note to the children and other family members, then something about the social aspects of the family and finally something of a philanthropic or spiritual nature. General Overview Examples 1. Our family, our environment and our priorities focus on developing the following qualities in each family member: • Excellence • Thoughtfulness and Compassion • Honesty • Spirituality 2. The core of our lives is our family and the broader circle of families to which we are linked by blood and law and love. This will/trust document outlines the way in which our financial assets are to be managed, distributed and disposed of under the inevitable changes in life and living. In essence, the will/trust document and instructions implement our family philosophy. We believe that the love and help within families must be the first principle of life and living. We expect all parties to this estate/trust to follow this first principle, one which requires loyalty and assistance to any and all within our immediate and broader family. In similar fashion, we hold friendship with those outside of our family, but proven to be sympathetic with our beliefs, to be a part of our family and the structure and processes this trust establishes. 3. Our estate/trust is a sign of the values we hold dear and have tried to use throughout our lives. Those values are family-first, hard-work, honesty, independence and self-sufficiency, and being loving and thoughtful to our life-long commitment to each other and to our children and grandchildren. 4. We built our wealth through personal initiative, education, hard work, and lucky breaks along the way. We want the beneficiaries of our estate to do likewise. We feel an obligation to take care of our own children until they get firmly established. After our demise, we want to provide for our children certain relatives, and our social concerns in that order. Examples of Personal Notes to Children and Others 1. We want to leave our children with the ability to be successful, however they may define it. We want to leave them enough so that they can do anything, but not so much that they do nothing. We want them to enjoy the satisfaction of earning an income and bringing home a paycheck. We rank honesty and integrity as core values, followed by responsibility for our actions, respect for others, and community involvement. We wish to transfer those values to our children and anyone else we can. 2. Each person is encouraged to develop his (or her) own interests and talents; to "follow his own muse". Education, love of reading, and lifetime learning are fully supported. We recognize the importance of art, music, and travel in insuring that we are well rounded, informed individuals. Everyone is supported in developing a career that is challenging, rewarding, and that they love. We are all supported in developing other interests (hobbies). We stress the importance of healthy living, exercise, personal private time, and nutrition. Thrift and savings are taught and encouraged. Each family member strives to become more organized, to develop patience, and perseverance, and to "never settle". Everyone has high expectations for themselves and each other. We encourage the development of a balanced life. Everyone is responsible for his or her own actions. 3. These assets are yours. Each of you will have an equal share. We have developed this trust in such a way that on our deaths, each of you can take advantage of assets we have accumulated, and, even in our absence, help you to make wise choices on just how they are used. We have developed guidelines for what you can use it for. You can be wise and conservative, thus allowing yourselves many opportunities. Or you can be liberal in certain areas realizing that you may lose some opportunities. These choices will be yours. Although the money may provide you with an additional source of financial security and some protection if needed, we hope that won’t be necessary. We hope that your own hard work and wise decisions will have put all of you in such a position that you have no need for a trust to build secure lives. What we would like to do is enrich your lives, provide opportunities you might not otherwise be able to provide and perhaps help you to pursue your dreams. We would like this trust to provide you with a sense of protection, a means to higher goal achievement and a way to maintain strong family relationships with each other and your families. Examples of Social Comments in a Family Mission Statement 1. Family and friends are extremely important priorities. We respect others, elders, and the environment. A home structure is maintained that helps develop each family member into a thoughtful, productive citizen. Each of us has an obligation to give back to our community with our time and our monetary giving. 2. We value activities revolving around family, career, personal achievement, the out of doors, travel, performing arts, and volunteerism. 3. We understand people judge others based on their own experiences and beliefs. We, however, tried to approach the Golden Rule in a slightly different manner and have tried to encourage this practice in our family. That modified Golden Rule is -- don't treat others the way you would like to be treated but learn how they would like to be treated and treat them accordingly. Understand each other's short-comings and do not expect others to always behave how you want them to, but learn how they behave and what you can reasonably expect from them. Most importantly, never assume, attribute a motive to others, and then become angry based on that assumption. Talk to each other and be open to the other person's understanding of the situation. You will not always agree and that's all right. Loving someone doesn't mean they have to always agree with you. Loving someone means you accept each other's differences. We expect our family to continue as a family using this modified Golden Rule. Examples of Spiritual Statements 1. We support each other in our own spiritual journeys. We recognize the importance of a spiritual focus in our lives. We strive to find the Holy Spirit inside of us daily. We try to live our lives with the "Open Heart of Compassion." 2. Remember in all you do that this life is only a test. No amount of money can help you pass this test except in your wise stewardship of it. We know that our commitment to our love of our Lord and Saviour Jesus Christ had led to every success and shaped who we became in our lives. We hope and pray that each of you will follow the same path. We love you and are eager to see you again after Jesus returns to rule and reign on this earth as our King and hear how you have ‘used your talents’ in our absence. 3. When the multimillionaire J. P. Morgan died, it was found that he had made his will a year before his death. It consisted of 10,000 words, and contained 37 articles. Some of his financial transactions had involved such large sums of money that they disturbed the financial equilibrium of the whole world. Yet he left us in no doubt as to what he considered the most important clause in his will and what stood out in his mind as his most important transaction. He said: I commit my soul into the hands of my Saviour, full of confidence that having redeemed me and washed me with His precious blood, He will present me faultless before the Throne of my Heavenly Father. I entreat my children to maintain and defend at all hazards and at all costs personally, the blessed doctrine of the complete atonement of sin through the blood of Jesus Christ once offered and through that alone. Examples of Philanthropic Statements 1. We encourage our children to become responsible philanthropists, we favor direct humanitarian relief efforts through such local organizations as the Union Gospel Mission, Boy’s and Girl’s Club, Salvation Army, and our local church. We would like them to have a meaningful - if not complete - role in managing and distributing assets of our estate going to charitable causes. In terms of charitable causes, we both value: • The environment, wildlife, and wilderness; • Youth mentoring and education; • Our Christian heritage as believers in the Word of God as being the Truth. • The Arts 2. At this time we both have a strong affinity to the ________________, where we periodically provide financial assistance and are actively involved in mentoring. If our children were to predecease us, we envision a well-endowed scholarship fund for any current student to attend college. I hope this has given you something you haven’t thought of to ponder when you do your estate planning. Leaving a written statement of faith or Family Mission Statement can be a great way to pass on your personal life experience legacy along with your assets. If you have any questions about the issues presented in this Article, please contact us. We offer a 1-hour consult at no charge to discuss your issues. Call us at 713.461.9699. About Our Show Advisor: James C. Mulder is an attorney with over thirty years of experience in Wealth Transfer, Tax and Asset Protection Planning. He is Board Certified in Estate Planning and Probate Law and in Tax Law by the Texas Board of Legal Specialization. He is one of only fifteen attorneys in the Houston area that are Board certified in both Estate Planning and Probate Law and Tax Law. Mr. Mulder concentrates his practice in Wealth transfer, tax, and asset protection planning. The implementation of such planning includes the preparation of very comprehensive wills, trusts, business organizations and family partnerships. Mr. Mulder has prepared over 1,000 asset protection plans.