Securing the Family Legacy

Preparing for the Future

I've been thinking about a topic that's been worrying me for several weeks. It’s about what will happen when I'm no longer here, how my family will live, and what I want to leave them as a legacy. It's a really intimate topic, and today I’d like to share it with you.

This all started from watching a series called Gentleman. I've only seen one episode, but it's made me think about all this. In this series, a British duke with many lands and possessions, all of them illiquid, dies, and the family, burdened with debts, has to sell off illiquid assets at a loss to pay the numerous debts. What kind of assets am I talking about? Paintings, a wine collection, hectares of land, a castle...

These are not easy things to sell. Who can pay 3 million pounds for wines?

This worries me a lot because I am the finance geek in the family (if you're reading this, you’re probably the one in your family). If it weren't for me, all my family's money would be in junk bonds managed with a 2% annual fee. To give…