In order to create a more personalized trust that represents your and your family’s values, it is critical to have a Family Constitution. This is especially true if you have substantial asset value or whole life insurance and leave behind a sizeable sum of money.

A Family Constitution and board of trustees will be critical for the protection of the family fortune after you are gone.

First, a board of trustees can be established to help manage the family wealth if you’re not around to do so. A board of trustees is a great way to make sure your family turns out like the Rockefellers and not the Vanderbilts.

Your board of trustees can protect the family wealth for you after you’re gone. They can vote on when to approve distributions to heirs, when to sell assets or businesses, and how to handle lawsuits against the family. They can even decide to stop giving distributions to an heir with an alcohol or other problem that would make access to more money destructive.