A Family Office is an independent entity that is created with the purpose of protecting and managing everything related to a family’s wealth, ensuring that it has all the necessary tools for the preservation of those assets over time.
There is no single model of Family Office’s services, as the circumstances of each family are unique and therefore the benefits in each case are adapted to its particular needs.
The use of a Family Office is recommended when you want to manage your family’s wealth in a professional way with objectives commonly related to inheritance planning, preservation of the wealth over generations, facing particular projects and even avoiding family conflicts associated with inheritance.
DSeveral factors should be considered when deciding to use a Family Office. These include: goals, jurisdiction, costs and determining the need to centralize wealth management through this entity. In addition, expert advice should be requested, as a highly qualified team with the necessary experience in the different areas is required for the proper management of family assets.
A Family Office can provide different types of services, which are determined through the goals, needs and visions of each family. The following are some of the services most commonly provided by a Family Office:
- Wealth Management.
- Wealth growth.
- Estate planning.
- Estate protection.
- Financial planning.
- Business development.
- Project management.
- Asset stability.
- Preservation of family estate.
In summary, using a Family Office is appropriate as long as the needs themselves have been analyzed. These should be aligned mainly for the purpose of protecting, planning the asset transfer and preserving the estate, always tailoring the service to the needs of each family.