As the author asks, the market is full of talent advisors, tax professionals and attorneys, but what about the transfer of family values, stories and hard-earned wisdom? How are these "assets" communicated and protected?

The following article examines an aspect of estate planning that many families fail to grapple with, or may not even think about. The author, Dr Rick Stevenson (main picture) (more details about him below) talks about the power of family stories, and how narratives can shape discussions. This is far from being one of those “soft” topics: understanding what drives a family can have very “hard” benefits and can equally avoid severe problems. The editors of this news service are pleased to share these insights; the usual editorial disclaimers apply. To respond, email tom.burroughes@wealthbriefing.com and amanda.cheesley@clearviewpublishing.com

When I was three years old, I suffered from chronic bronchitis and lost my hearing for nearly a year. 

My parents distinctly remember me finding solace in a book called Harold and the Purple Crayon. Harold draws his own world into existence and, in the process, becomes the author of his own life. It was his own, unique story and one worthy of sharing with the world.

This is how I think about family legacy planning.

For all the right reasons, families partner with advisors and commit a great deal of time, thought, and resources to structuring their estate plans. Meticulous care and attention are given to the distribution of assets, tax implications, legal structures, asset protection, and so on. 

But this critical planning often shortchanges, or outright excludes, the most valuable asset a family possesses – their stories. My favorite African proverb says, “when a person passes, a library burns down.”  Yet 99.9 per cent of us take our stories to our grave. What a criminal waste of human knowledge and wisdom.

The marketplace is full of very talented financial advisors, tax professionals, and attorneys who can help a family pass wealth efficiently from one generation to the next. But what about the transfer of family values, stories, philosophies, ideals, and hard-earned wisdom? These are assets that don’t make it onto balance sheets, but their value is undoubtedly priceless to the family’s legacy. 

These are not new insights I’m offering. The practice of creating an “ethical will,” where a person or family writes down personal values, beliefs, etc. to complement their financial and legal estate planning, goes back well over 1,000 years. There are even examples found in the Bible. 

What’s exciting about this moment is just how effectively a family can record and communicate their stories. With the right mix of expert guidance, creativity, and technology, families can essentially build an immutable and timeless library of content to connect generations and give their wealth deeper meaning.     

In a world that feels increasingly divided, preserving and sharing a family's legacy is one of the most profound ways to foster unity. Family stories transcend politics and borders. They remind us of shared experiences, values, and aspirations that can bring generations together. By embracing storytelling as part of estate planning, families can create a collective narrative that strengthens bonds and promotes understanding, ensuring that their legacy becomes a unifying force rather than something that divides.

As a starting point, there are three action items advisors can share with families to help them prioritize this key aspect of legacy planning.

First, advise clients to start documenting their life stories, either through written memoirs, audio recordings, or video interviews. Personal touches add depth, allowing future generations to feel connected to the family legacy.

Second, organize sessions where multiple generations of family members can share their experiences, values, and aspirations. These gatherings not only preserve stories but also strengthen family bonds and ensure that the legacy is a collective narrative. 

Finally, collaborate with professionals who specialize in capturing and preserving family narratives. Most of my career has been dedicated to professionally conducting interviews and collecting personal stories. Today, my firm StoryQ, helps multigenerational families uncover their shared purpose and collective voice through guided interviews, which we transform into high-quality documentaries.

Incorporating storytelling into estate planning is more than a sentimental endeavor. It's a strategic initiative that ensures the family's legacy is rich, authentic, and enduring. Financial advisors and family offices that focus on family governance and communication can add tremendous value to a family’s legacy. You can help families fortify their wealth’s purpose and give multiple generations a profound sense of connection to the family’s history – and its future.

About the author

Rick Stevenson has filmed over 6,000 in-depth interviews with kids and teens from 12 countries as part of a longitudinal project using his StoryQ method of inquiry dedicated to raising emotional intelligence. He is a creative and passionate combination of award-winning filmmaker and Doctor of Philosophy from Oxford University. He has directed, produced, and/or written twelve feature films and 100 hours of television, working with artists such as Robert Redford, Hugh Grant, Christopher Plummer, Kiefer Sutherland, Meg Ryan, and Patrick Dempsey. He’s an author, a public speaker, a husband, and a father of four who splits his time between Seattle, Washington and Vancouver, British Columbia.