Family Legacy and Family Identity – the greatest Wealth

Evanna Phoon wrote the below article and she is a Senior Franchisee of Rockwills. She can be contacted at info@malaysiawills.com

Family Legacy and Family Identity – the greatest Wealth to put in Your Family Charter

Not too long ago when there’s no ipad, iphone or facebook, when we are growing up, the family are still very much close to each other, every weekend or school holidays, we will go back to grandmother’s house, the family traditions are carry on and we hear parents speaking to our grandparents or uncle speaking to our nephews and nieces, and it becomes our part of our upbringing, and it’s very natural to sometimes hear stories of our ancestors or relatives.

But now, with the children all over the world, grandchildren in different places, you hardly get a full house, even during Chinese New Year or Christmas. But this old tradition is so precious for a family because this is what made the family – the Family Identity and the Family Vision, it’s unspoken last time but it’s heard of. But now it’s unspoken and not heard of if you don’t make an effort to pass it on, it’ll be lost forever.

So, some families are asking “what could we do to get the family together, and basis whereby they continue to do this, even though they are in different places. “ Children want identity, they don’t find it within their family then they will find it outside.

The family charter is a place where founder can pen down and talk about the history and background, how the grandfather came to this country and made his wealth, what are the values and the tradition of the ancestors.

For example, we met a client who is now in his mid-70s and he owns a multi-milllion dollar business empire to pass on to his children, nieces and newphew who are in their mid-30s and they are in-charge of different departments of his company. He wanted to tell his future generations that their family basis is built on “Honesty and Integrity”. He specifically put in the first paragraph of the family charter telling a story of his father, Mr. Neo who came from China in late 30s.

Mr. Neo later met Mr. Tan and became good friends. Unfortunately in 1940s, Mr. Tan had to be deported back to China. Mr. Tan requested Mr. Neo to help him look after his 21 acres of rubber estate. In 1960s, while Mr. Neo is cleaning up Mr. Tan’s rubber estate, he mishandled the poisonous pesticide that eventually caused his death. Before he pass away, he specifically reminded his second son to return back the 21 acres of land to Mr. Tan and his children.

 

Rockwills Case Study Lee Ka Shing

Lee Ka Shing

Pix #1:  Madam Zhuang Biqin, Li Ka-Shing’s mother once told him that “With honesty as the rule of doing business, you can conquer every difficulty,” Inspired by what his mother had taught him, he later conduct his business with outmost honesty and integrity. Li Ka-Shing’s is the 9th richest person in the world with an estimated wealth of US$ 25.5 billion as of 2012.

 

This story was purposely highlight in the family charter because the my client hope that when he is not around, after many generations, “Honesty and Integrity” is still closely practice among his family members.

He believed that in some way, his generation benefited indirectly. His business is well over 30 years and along the way, there are some hiccups but he always luckily survived the economic crisis. It is because his “Honesty and Integrity” that he always pay his suppliers on time and always excel in delivering the best to his clients and not short-changing them.

MalaysiaWills CEO, Evanna Phoon.

About the Author

Evanna Phoon is CEO & Founder of www.MalaysiaWills.com, Malaysia’s first online will writing service provider for Rockwills Corporation Sdn Bhd & as-Salihin Trustee Bhd. Besides being very hand-on in technology and gadgets, she specialist in helping SMEs plan for their Family Business Trust.  She can be contacted via info@malaysiawills.com

[ Short URL ... ]
Monday, August 13th, 2012 article

To Get Updates on FREE Seminars

Follow Us Online