A GOOD START IN LIFE
Background
A few years ago, we became trustee for two young women. They were cousins to one another, and their grandfather had provided funds upon his death which were intended to provide for their college educations. If each could attain a bachelor’s degree within six years of graduating high school, each would receive a full distribution of their respective shares, a tidy sum large enough to provide a nice start toward a promising financial future. If either one failed to complete her degree within the designated time, that beneficiary would forfeit her expected remaining inheritance.
Unique Challenges
The challenge we faced, unknown to us at the outset, is that each beneficiary to varying degrees did not come from a home that was terribly supportive of their efforts. Essentially, each one was forced to travel her own journey without guidance or encouragement. Each beneficiary, whether because of pride, shame, or a cynical reluctance to believe that anyone really cared about them or their future, or a combination of all three, was not initially responsive to our efforts to help them achieve success by satisfying the trust requirements.
A Call to Action
When it became clear to us that these obstacles were in play, we jumped into action. We spent considerable time with each, mapping out their educational goals and timelines, we worked with them on budgeting for a lifestyle that could support disciplined studying, and we worked directly with their schools to foster communication and accountability. Driven by a purpose to see them succeed, our team adopted the cause as a concerned parent would. We showed each of these young women that we truly cared about them.
Epilogue
As of this writing, we have seen one of the two beneficiaries successfully attain her degree and receive her inheritance. Her cousin is expected to receive her degree next May, and all signs indicate that she is on track toward that goal. We have told each of these two young women that, if desired, we can remain on the scene to provide some financial advice that may prove helpful. And of course, we have constantly shared with them our proud feelings for how hard they’ve worked. Cases like this remind us of why we do what we do.