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If your business outlives you, have you clearly written what you want it to mean and how decisions should be made when you’re no longer there to make them?

For business owners, Trusts are powerful tools, but their effectiveness often hinges on one document that gets far less attention: the Letter of Wishes.

Juan Carlos Almanza emphasizes that many successful entrepreneurs approach Trusts as a one-time legal task, rather than a living framework for legacy, governance, and family alignment. Trusts can protect assets, transfer wealth, and preserve control across generations—but documents alone don’t capture intent, judgment, or values.

That’s where the Letter of Wishes comes in. A Letter of Wishes is a non-binding written document created by the founder to guide trustees and family members. It explains why the Trust was created, how decisions should be interpreted, who is best suited for leadership or control, and what values should guide distributions and governance. Unlike legal agreements, it allows the founder to speak in human terms (context, philosophy, and nuance) so future decision-makers understand not just what to do, but why.

Without a clear Letter of Wishes, even well-structured Trusts can fail in practice. Ambiguity around fairness, control, or responsibility often leads to conflict, misaligned incentives, or erosion of the founder’s original vision. With it, Trusts become adaptable, values-driven systems rather than rigid legal shells.

Here are the Top 10 Takeaways from the conversation:

1. Trusts are operating systems, not paperwork. They require intent, governance, and active use.
2. Earlier planning strengthens Trusts. It shows purpose beyond tax and allows evolution over time.
3. Trusts don’t work on autopilot. Actions must align with written rules.
4. Purpose comes before structure. Define fulfillment before dividing assets.
5. The Letter of Wishes is the voice behind the Trust. It translates legal form into practical guidance.
6. Clarity beats equality. Fairness may mean different roles, not equal outcomes.
7. Writing reveals truth. Founders often don’t know what they want until they articulate it.
8. Business reality first, tax strategy second. Optimize only after aligning incentives and goals.
9. Strong estates are layered. Trusts, holding companies, and operating entities each serve distinct roles.
10. Customization is essential. Effective Trusts reflect real families, not templates.

Books:

• Catcher in the Rye
• As a Man Thinketh
• Think and Grow Rich
• Modern Man in Search of a Soul