The following blog post is a contribution from Ascent Private Capital Management, a Thought Leaders Council member of the Family Office Exchange.

In today’s fast-paced world of technology, we seldom stop to reflect on the legacy of our grandparents and great-grandparents. And not just what they left us in their will.  How often do we tell our children and grandchildren about the relatives who came before us: their names, where they lived, what they were like and what we learned from them? What about the family business: how did it start and has it always thrived and provided well for the family? And let’s not forget about the family’s core values, beliefs and traditions: what are they and how do we relate to them? Unfortunately, such information is often lost as new generations are born and families are spread apart more than ever, rarely seeing each other face-to-face.

Many believe the best way to prevent your family from inadvertently losing its family history, traditions and values is through storytelling. Storytelling is simple, easily accessible and encourages personal sharing among generations. It also passes along values that create a common bond between family members. Ultimately, storytelling encourages family members to continue to build on the family’s legacy.

A family’s story is an important asset that is made up of human capital — the unique value that each member brings to the family during his or her life and long after death. For example, the story of how grandpa started his own business that grew into a successful company may create a higher sense of emotional value in the trust fund your child inherited; it is not something to be taken for granted, "Grandpa worked hard for this." Telling stories and sharing successes and failures is an effective way to bestow the elements of human capital on younger generations which, in turn, improves the family’s odds of preserving its financial capital for many generations to come. By telling stories, you can share ingredients that often result in "recipes for success."

Be the family member who makes it happen! The next time your family gets together, ask each person to share a story about someone who is no longer with you or who adds color and flavor to the values, visions and traditions that exist in your family today.

About Jenna Guenther

Jenna is Director, Wealth Planning for Ascent Private Capital Management of U.S. Bank. She works with individuals and families to help create lasting legacies that strive towards very diverse and personal goals.