¨   Statement of Principles.   Governance must allow an organization to adapt to change without abandoning its founding principles.  Much like the traditional model for a public governing body, legal structures for wealth management should generally follow a pattern or model that includes, in binding legal documents, a meaningful statement of founding principles.  This statement serves as the constitution and encourages adherence to the original purposes and values.  It also provides continuity of purpose throughout years of amendments and adjustments.

¨    No Boilerplate.   Whether applied to a personal trust or a charitable foundation, this constitutional statement of principles must be rich in content, dealing specifically with long-term objectives for the use of funds.  It should reflect the values and purposes of the particular case, and not simply repeat empty terminology and legal jargon.