Canadian Stewardship in Action

The Stewardship module introduces the concept of stewardship and the role that stewarding principles play in beneficiary’s lives. Students explore values in terms of how they relate to stewardship and being a beneficiary.

Estimated Completion Time: 4 hours

Learning Objectives

• Understand the meaning of stewardship and stewarding principles
• Examine how stewardship is often a core beneficiary value
• Explore the factors that erode wealth over generations

Featured Resources

        Articles/Books

• Borrowed from Your Grandchildren Chapter 3, “The Social History of Family Dynasties” by Dennis Jaffe
• The Legacy of Inherited Wealth, by Barbara Blouin
• Labors of Love from The Inheritance Project by Barbara Blouin
• "Family Business Myths" by Russ Haworth
• The Complete Family Office Handbook, by Dr. Kirby Rosplock Chapter 13, "Family Entrepreneurship and the Family Bank"
• "There is no 70% rule - improving outcome research in family wealth advising" by Dr. James Grubman
• "Wealth Management Unwrapped"  by Charlotte Beyer

       Videos

• Podcast by Dr. Dennis Jaffe entitled, "Modern Stewardship"
• Podcast by Russ Haworth entitled, "Shirtsleeves to Shirtsleeves"
• Podcast by Warner Babcock entitled, "Starting a Family Bank"
• Podcast by Joseph W. Reilly Jr. entitled, "The Inheritance Project"
• Podcast by Charlotte Beyer entitled, "Wealth Unwrapped: The CEO's Guide"

Beneficiary Fundamentals Module 1 introduces the four “M’s” that inspire beneficiary stewardship. The module reviews important stewardship concepts when it comes to beneficial ownership around

1. Meaning
2. Modeling
3. Mentoring
4. Motivation 

Videos

• Podcast with Dr. Jim Grubman entitled, "Meaning and Wealth and Its Connection to the Beneficiary"
• Podcast with Dr. Paul Edelman entitled, "Mentoring the Rising Gen"
• Podcast with Betsey Fortlouis entitled, "Exploring Value Based Leadership"
• Podcast with Chelsey Toler entitled, "Collaboration, Communication, and Onramps for NxG Family Members"
• Podcast with Patricia M. Angus entitled, "The Beneficiary Primer"

     Articles/Books

• "Discovering Your Core Values" by the Innerwill Institue
• Chapter 14, Borrowed from Your Grandchildren by Dr. Dennis Jaffe
• "Ten Facts Every Trust Beneficiary Should Know" by Patricia M. Angus

Beneficiary Fundamentals Module 2 focuses on the beneficiary and trustee relationships, including how the relationship evolves over time from the beneficiary’s childhood to adulthood. The types and nature of the fiduciary relationship are also explored. At the end of the course, learning checks challenge the student on their knowledge gained of the trustee/beneficiary relationship.

Estimated Completion Time: 42 minutes

Additional Resources: 

• Raising Financially Fit Kids by Joline Godfrey

 Videos

• Podcast with Susan R. Schoenfeld entitled, "Tips for Raising Successful Children of Wealth"

Beneficiary Fundamentals Module 3 focuses on the core responsibilities of a beneficiary, exploring how this role is unique, the special characteristics, and the best practices of a successful beneficiary. The module then expands on the important duties of the beneficiary including education and empowerment, monitoring and management, and planning.

Estimated Completion Time: 1 hour

Featured Resources:

       Articles/Books

• The Beneficiary Primer: A Guide for Beneficiaries of Family Trusts Part 1 and 2 by Patricia M. Angus, Esq.
•  "How Will a Trust Affect Your Relationships" by Dr. Kirby Rosplock

       Videos

• Podcast by Dr. Jim Grubman entitled, "Autonomy, Accountability, and Responsibilities Around a Trust"

Beneficiary Fundamentals Module 4 shares a fictionalized, anonymized case study that illustrates the relationship between trustees and their beneficiaries. The case provides insights into the beneficiary and trustee relationship and focuses on education and empowerment.

Estimated Completion Time: 40 minutes

Trustee Basics Module 1 introduces the main parties to the trust – the settlor, the beneficiary, and the trustee. The course explores the "trustscape", an activity to look at the relationships among the different parties to the trust and feelings, emotions, opportunities, and questions that may exist. The module concludes with applied learning and a helpful resource and a concise summary of the trust concept, key terms, responsibilities, and duties of a trustee and beneficiary.

Estimated Completion Time: 2 hours

Featured Resources: 

   Videos

• Podcast with Patricia M. Angus entitled, "The Beneficiary Primer"

    Articles/Books

•  Family Trusts: A Guide for Beneficiaries, Trustees, Trust Protectors, and Trust Creators Chapters 1–5, by Hartley Goldstone, James E. Hughes Jr., and Keith Whitaker
• The Trustee Primer: A Guide for Personal Trustees by Patricia M. Angus

Trustee Basics Module 2 focuses on the core responsibilities and primary duties of the trustee. Four primary oversight areas of the trustee are explored including:

1. administration and monitoring of the trust
2. investment oversight
3. distribution authority
4. education and empowerment of the beneficiary

The module prepares trustees for conversations with trust parties and provides considerations when evaluating a potential trustee role.

Estimated Completion Time: 1.5 hours

Featured Resources: 

     Articles/Books

•  Family Trusts: A Guide for Beneficiaries, Trustees, Trust Protectors, and Trust Creators Chapter 14, by Hartley Goldstone, James E. Hughes Jr., and Keith Whitaker
• Trustee Candidate Checklist, Tamarind Learning
• Trustee Worksheet, Tamarind Learning

Trustee Basics Module 3 focuses on the types of trustees, exploring the role, responsibility, and differences between an individual trustee, a family member trustee, a non-family member trustee, and a corporate trustee.  This module also utilizes a real-life case study to demonstrate the dynamics of a family in conflict involving family member trustees.

Estimated Completion Time: 2 hours

Featured Resources:

Trustee Basics Module 4 provides further guidance regarding the process of sourcing trustee candidates, including writing a job description, vetting, interviewing, and prioritizing the best candidates. This module also shares insights regarding trustee compensation and effective ways to transition trustee duties to a successor.

• What key criteria is important to identify when you need to fill particular trustee positions?
• How do you craft the position description and set the expectation for the type of trustee you hope to attract?
• Where do you find good trustee candidates?
• How do you set them up for success once selected?

     Articles/Books

• The sample job description template
• The sample interview template
• The case study Pitt v Holt
• Family Trusts: A Guide for Beneficiaries, Trustees, Trust Protectors, and Trust Creators  Chapter 17, by Hartley Goldstone, James E. Hughes Jr., and Keith Whitaker