Recently, I sat down with a family patriarch who is a successful business owner. We’ll call him John. He shared that he’d like to set aside some money for his teenage step-granddaughter. We’ll call her Jane. John wants to help Jane cover the cost of college, buy a car, and provide some down payment money when she’s ready to purchase her first home.
Establishing a trust
A trust for Jane’s benefit makes sense for a variety of reasons: A trustee will manage the administrative, investment, and distribution decisions with competence and professionalism.
As John was describing his intentions for Jane’s trust, he specifically mentioned wanting her to understand what the money is meant for and why he wants to help. Though John doesn’t share a blood relationship with Jane, he views her as a part of the extended family. Jane will be a part of his other grandchildren’s lives for many years to come. Sure, the trust document will spell out in legal terms what the funds can and cannot be used for, but that’s only part of John’s story. The rest of the story lives inside his heart and mind.
A lightbulb moment
As I listened, I had a “lightbulb” moment. Who better to tell the story than John himself, in his own words? My suggestion? Write her a letter: nothing fancy, just a few simple sentences from the heart. We started to brainstorm aloud, and this is what we ended up with for a first draft.
One word: magic.
Ready to make your own magic with ink and paper? Send me a note and let’s chat.
