It starts with an assessment, followed by individual and then family conversations about personal and shared values, helping adult family members reflect on their guiding principles. “Our process provides a framework for families to collectively understand their values and allows them to guide goals and decisions into the future,” Herritt says.
Grieve notes that this process seems daunting to many participants. They expect that the differences they see are deeply set. “Many families are surprised by how many values and core beliefs they actually share,” Grieve says. This discovery process can be transformative, fostering a sense of inclusion and cohesion that had not previously been recognized or acknowledged.
Truist Wealth Center for Family Legacy research backs up this contrast. While participants’ rating of the importance of shared values increased by 13% across the study’s 16-year time frame, engagement in working on determining values and processes remains low. Put another way, while families see value in defining what they stand for, they may struggle to do so.
Including all voices—young and old, married in and born in, near and far—in shared values discussions is essential for fostering inclusivity and understanding. The Center for Family Legacy team emphasizes that each family member, regardless of background or family branch, brings valuable insights and perspectives to the table. “Families can choose to pass down not only their wealth but also the principles that have sustained them,” Herritt explains.