Empower it with your own energy. Your energy based off the will of what you want to use it for.
Also meditate on the ring to familiarize your self with it.
That's what I do and it works just fine.
First Q: How would I empower it?
Second Q: How should I meditate with it. Like hold it while meditating?
Should I think about the ring while meditating?
Transfer your energy into it. And meditate holding the ring. Think of the ring and what you want it to do for you both when transferring your energy to the rind and when meditating on it. But when you meditate on it visualize exactly what it it is you want it to do. Visualize it doing what you want it to do.
Aron. If the ring fits, wear it! It will eventually take on your own "psyche". If it doesn't fit, wear it in another way. And, as you will quite often, finger the ring and think of your grandfather. You will "feel" him close to you.