How does a family execute this practice?

How does a family execute this practice? I suggest that a red hat and a blue hat be purchased for every family member before the meeting in which the family will do this exercise. I then ask each family member to put on a red hat and assume the role of beneficiary of a trust. We then develop together the skill set, the roles and responsibilities, that a beneficiary needs to practice to become a "great" beneficiary. Everyone then takes off the red hat and puts on the blue one, thereby assuming the role of trustee. We then develop together the roles and responsibilities of a trustee. Finally we pair off and act out the different roles and responsibilities that underlie the beneficiary/trustee relationship, each of the pair wearing the hat representing the role he or she is assuming in the relationship.

— from The Instruments (Awareness/Perception/Expectations) · Family Wealth: Keeping It In the Family: How Family Members and Their Advisers Preserve Hu

Also belongs to

Related