A client of mine once characterized Wealth Integration as a “fiscal physical.”

Initially, I wasn’t all that flattered by the comparison. However, the more I thought about it, the more I came to realize that this unfortunate-but-fair description accurately recognizes that, like a medical physical, a fiscal physical is something that one knows should be done,but may not look forward to doing. The entire estate planning, financial planning and accounting process may actually fall in this category—clearly, few family members awaken thinking, “Wouldn’t this be a great day to call my attorney, financial advisor and accountant to be sure my planning is up-to-date!?”

Like a medical physical, a “fiscal physical” can feel invasive in its requirements for personal and otherwise confidential information. It can involve delving into family and/or business circumstances that would be avoided in most situations and perhaps unmentionable for lesser purposes. However, knowledge of the family structure and history is tremendously important.

For example, a senior generation’s desire that their Highlands, North Carolina vacation home be a “family legacy” is certainly understandable—many cherished memories of children, grandchildren, as well as broader family reunions, may reside there. Nevertheless, will the child who lives in Seattle cherish sharing the operating expenses of their allocation of the residence trust when there are few, if any, opportunities to partake? Perhaps not.

Family dynamics, which as we know can be challenging, have the potential to render an otherwise beautifully constructed estate, succession, charitable or [you name the type] plan into a source of strife for generations. Children may come to ask, “How did one sibling come to control the family business while others appear to be more involved?” Or, “Why didn’t the CPA/attorney/financial advisor ask what we children thought about the direction of future charitable interests?”

Instead of leaving these things to chance, shouldn’t we address family issues and opportunities now while the senior generation is in good physical and mental health? One cannot overstate the justifiable sense of confidence and security in knowing one’s legacy will be of greater family harmony and good will. All this can be accomplished with an intentionally developed, multidisciplinary team approach.

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Dennis R. Wright is a principal and managing director of Wellspring Associates with over 20 years of experience assisting affluent, multi-generational families and their family offices and advisors. His Wealth Integration practice takes him to many areas of the country with concentrations in the Southeast and Midwest. Dennis is an active member of the Atlanta and Savannah Estate Planning Councils and is a guest speaker for the Fiduciary Law Section of the Georgia Bar, the Georgia Society of CPAs and the Southeastern Family Office Forum. He is also a member of the FOX Thought Leaders Council.