Propose how a family should create, put into practice, observe and revise a shared long-term structure for making decisions together

A family governance framework usually rests on a family charter or constitution setting out values, mission and rules, with bodies such as a family assembly, a family council, an investment committee and, where warranted, a family office. Development should be inclusive so all generations feel ownership. Implementation assigns roles, decision rules and education programmes. Adherence is supported by regular meetings, transparent reporting, a conflict-resolution process and sometimes an independent facilitator. Amendment needs agreed procedures, such as scheduled reviews and a qualified majority, and triggers such as a generational transition or liquidity event. The trap is a framework imposed by the founder or drafted so rigidly that it cannot adapt and is ignored.