Asian families are starting to wonder why the trust structures they have set up have not been sufficient to help maintain harmonious family relationships. The reason for this is actually simple. Whether there is family harmony or not is a question of the culture of the family. When a family sets up a trust structure, this might be helpful in that it does provide for the potential to have clear roles & authorities. However, there is a saying that “culture will always eat structure for breakfast”. Creating a trust structure is not sufficient by itself to impact on the culture of the family in a positive way.
Therefore, what are some practices that families can put into place, with the help of their trustees and their advisers, to increase the chances of having a harmonious family culture?
When thinking about this question two useful references which will be relied on in the webinar are: (i) Family Wealth Keeping It In The Family by James E. Hughes Junior and (ii) Family Trusts, A Guide For Beneficiaries, Trustees, Trust Protectors And Trust Creators by Hartley Goldstone, James Hughes and Keith Whitaker.