¨   Operating Plan.  The structure also needs an operating plan.  Individuals, serving in various roles, can be empowered to develop, spell out, and change the operating plan from time to time.  This governance model can also provide room for amending the statement of founding principles for compelling reasons, subject to certain checks and balances.

¨    The Dead Hand.   The view that one generation should not control the agenda of future generations “from the grave” is only half-right.   The details of an operating plan for a personal trust, investment vehicle or foundation will surely become outdated.  Yet, this does not mean that continuity is a meaningless or impractical objective.  Founding principles can be preserved, and management succession improved, if the structure follows the model described above.  There is no empirical evidence that a well-conceived, legally documented governance plan will outlive its usefulness.