We propose that certain characteristics of successful periods of…

We propose that certain characteristics of successful periods of regency in the governmental context provide a model for the success of a regency in the family governance system. These characteristics are as follows: -The trustee must, of course, focus on the education of the beneficiaries to prepare them for the ultimate ownership of the property. -Trustees must earn their authority, and they cannot take their position of power for granted. -The regent must be responsible to all beneficiaries, whether current or future, in accordance with the provisions of the trust. -The trustee must always subordinate his or her own interests to those of the beneficiaries. -The trustee must possess the necessary skills and expertise to properly perform the tasks required under the trust. -Trustees must always remember that their ownership of the property is only temporary. -The trustee must strive to maintain open and honest communication with the beneficiaries. -The regent must know when to relinquish power and how to effectively transfer it to the rightful beneficiaries.

— from True North (Ethics, Integrity, Truth, Values) · Family Wealth: Keeping It In the Family: How Family Members and Their Advisers Preserve Hu

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