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What does a family office do?
- Keeps one record of all assets, loans and documents
- Oversees investments, usually with registered advisers
- Manages property, tenants and insurance
- Handles tax, accounts and compliance with professionals
- Plans succession and supports the next generation
- Runs the family's giving and charitable work
It does not have to be a building full of staff. Some families run one with a single trusted manager and outside professionals.
What are the types of family office?
| Type | What it means |
|---|---|
| Single family office | Works for one family only |
| Multi family office | A firm serving several families for fees |
| Embedded office | Informally run from the family business, by its finance team |
Read more on single and multi family offices.
Is a family office regulated in India?
Not as a category. SEBI said on 3 October 2025 that it was not pursuing a separate framework for family offices at that time. The law applies through the activity instead: trust law for a trust, company law for a company, SEBI rules if outside money or paid advice comes in, and FEMA for overseas assets. The details are in our guide on how to set up a family office in India.
A simple example
This is a made-up example. A Pune family sells its manufacturing business. The parents, a son in Pune and a daughter in Toronto now hold cash, three flats and a farm. They appoint a manager, keep a single asset record and keep their adviser for investments. A lawyer drafts wills and a family trust for one flat, and checks what the daughter may receive under FEMA. Their accountant reviews tax. Although they have no separate company, that is already a working family office.
How is a family office different from a wealth manager, trust or HUF?
| Term | What it is | How it relates to a family office |
|---|---|---|
| Wealth manager | A firm advising on or managing investments | The office may hire one, and oversee its work |
| Family trust | A legal arrangement holding assets for beneficiaries | Often one of the vehicles the office looks after |
| HUF | A family unit recognised for Hindu families and for tax | May be one of the taxpayers within the family's affairs |
| Holding company | A company that owns shares or assets | May be the office's legal home, or one of its assets |
Who works in a family office?
That depends on size. A small office may be one manager and a part-time accountant, with an outside CA, lawyer and adviser. A larger one can employ investment staff, a compliance officer and a property manager. Whatever the size, someone should own three things: the asset register, the compliance calendar and the list of who may give instructions. If those are missing, the family still depends on one person's memory, even if it has staff.
Do you need one?
The law sets no minimum wealth. Consider it when nobody in the family has the full picture, or when one person's illness would freeze everything. A smaller family often needs only a will, consistent nominations and a clear succession plan.
VIVS Legal handles the legal side through its family office services. We do not give investment advice.
This page is general information, not legal advice. Tax points must be confirmed with your chartered accountant, and rules change, so we check the current text before acting on your matter.
Founder and Managing Partner, VIVS Legal. BLS, LL.B, LL.M, PGDBM, JAIIB.
