I know the idea of a multi signature (Multisig) is not new, but I've been thinking about best practices for instances of family inheritances. I think I've come up with a viable plan that would allow for both autonomy and a level of security that should make both benefactor and beneficiary happy.
Part One would be for the benefactor to simply set aside a portion on whatever will be inherited as an outright account over which a single heir has control. This allows the beneficiary to do whatever they want to do with this part of their inheritance. Whether they invest it, blow it all in Las Vegas or in some other ill-advised manner, or a combination of the two strategies, the voice is theirs and theirs alone.
Part Two would be where all of your beneficiaries would have to sign (Multisig) off on any distributions of a common trust shared amongst all of your beneficiaries. In this group, there would hopefully be those who are more conservative with their spending to reign in the more impractical heirs in this trust. These thirty or responsible beneficiaries should also be both charismatic and authoritative enough to avoid frivolous outflows from the trust. In choosing the individuals for this trust, the benefactor should question each beneficiary desperately to determine the level of trust each one has for every other member of the proposed trust. Hopefully, they will have a healthy trust that the others have their best interests at heart, but a modicum of skepticism in regards to each other's spending habits or investment prowess. In essence, this Multisig portion of the trust you leave behind will reflect both the love, care and responsibility that family members should have for one another to ensure a brighter future for all.
I imagine that such a trust already exist and would love to know what it is called, so I can set one up for my own family. Any information would be greatly appreciated.
In 2018, I wrote a book highlighting the problems Humanity would face if more power, wealth, and control was funneled to a small group of elite individuals, groups, or organizations. In my book, I provided solutions (from myself and others) to the inevitable problems and also a means for the Public to analyze, compare, and contrast the words and deeds of those we choose to follow against reality. In my book Solutions: Enough complaining. Let's fix America.
In "Solutions...", I provide the means for readers to disseminate information as provided by their news sources of choice, their elected officials, and any other authority they choose to follow. The book also offers a means to hold their leaders up, not just to a higher standard than is currently accepted but to one that would improve their lives and the lives of those for whom they care.
