Family Council
A family council is the standing governance body that represents the family inside the family office's decision-making structure. Membership is usually small — five to nine — drawn from across branches, often elected to fixed terms. The council holds authority on family-policy matters: distribution policy, employment of family members, alignment of office activity with the family mission, and the appointment of family representatives to the family-office board.
The family council is distinct from the family assembly, which is broader and primarily informational. Conflating the two produces forums that are too large to decide and too narrow to inform. Working councils maintain a quarterly meeting cadence with written agendas, decision logs, and at least one independent advisor in the room.
Related terms
Deeper reading
Family constitutions: what makes them durable
Most family constitutions are abandoned within a generation. The survivors share specific structural features, ratification discipline, amendment mechanics, and hard-wired dispute resolution, that distinguish governance from good intentions.
Building a family council that actually decides
Most family councils are elaborate ceremonies with no binding authority. Here is how to design one with real decision rights, clear composition rules, and conflict-of-interest provisions that hold.
Walton Enterprises: how the Walmart family moved $9B+ tax-free across four generations
The Walton family's use of Walton Enterprises LLC and rolling GRATs has transferred over $9 billion across generations with minimal estate tax. A blueprint for multi-generational family office structures.
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