Executing Your Estate Plan: The Last Piece of the Puzzle

In Keeping the Keys in the Family: Best Practices for Real Estate Families, published in Espace Magazine, Bill McLean, Partner at Richter, and Jill Renton, Senior Manager, explore how family-owned real estate—often steeped in both financial and emotional value—can become a source of strength or conflict depending on the structures supporting it. They note that for many entrepreneurial families, properties symbolize legacy and identity. However, without proper governance, these assets can create tension when decisions about financing, development, or succession arise.

Bill and Jill emphasize that strong governance acts as the “blueprint” for enduring family enterprises. By clearly defining ownership roles, decision-making authority, and communication frameworks—through boards, family councils, and shareholder agreements—families can separate emotional dynamics from business imperatives. This clarity enables effective stewardship and reduces the risk of disputes that could undermine both relationships and financial value. They also underscore the importance of preparing the next generation through education, mentorship, and phased ownership transitions. By embedding conflict resolution mechanisms and engaging independent advisors when needed, families can navigate challenges with transparency and mutual respect. Ultimately, Real estate governance is not bureaucracy, it is the foundation for clarity, trust, and continuity, ensuring the family’s legacy and assets remain strong across generations.

Read the full article in Espace Publications.