The Family Council

Abstract

The author starts by noting that governance structures dealing with management of a family's investment assets are subjects of much recent attention. He suggests that whatever the vehicle for professional management of a family's assets-be it a corporate or individual fiduciary, a family office, or any other type of wealth manager-engagement of the members of the family through a family council will provide a useful adjunct to the functions of the professional. The article begins by explaining the reasons for and benefits to be derived from a family council and then proceeds to discuss various issues relating to its structure, composition, and the conduct of family council meetings.