A Charitable Trust is an entity people create to leave money to charity, with directives as to the use of that money.
Creating a Charitable Trust is a good option when you want part or all of your estate to go to charities of your choice, and be handled for specific purposes.
When you want to protect the money going to a charity, the reason to create a Charitable Trust versus just relying on a will would be to simplify the process for whoever is going to be administering your estate. It’s going to make things a little more straightforward. It will avoid going through probate, so it will save money to the administrator of the Charitable Trust, and the charitable organization.
Note that most Charitable Trusts operate out of or nonprofit organizations. They often want the money not to stay in a Trust but to go to them directly. The money remains in the Trust mainly when substantial assets are involved.
Another reason to create a Charitable Trust is when you are trying to funnel the money from your assets and your estate into different charities. For example, you want to leave a quarter of your estate to the Humane Society, where you got your veterinarian. You know that they could really use some extra money for the building they operate from and you want to leave them twenty thousand dollars. Then you chose another charity for the rest of your money, with another specific purpose.
That can be built into your Charitable Trust or Will. However, people who are leaving money to charity through a Charitable Trust have better control over what happens to the money later on.
Our Estate Planning lawyer can help you gain peace of mind by securing these issues. Consulting with an experienced estate planning lawyer is essential. It will ensure that your final wishes regarding your property, your loved ones, and your healthcare options are carried out.
Not all lawyers are created equal. In difficult times, it is vital to select a lawyer who can relate to your situation in a very professional and sensible way.
Our Estate Planning attorney has the experience you need to address all your questions regarding wills trusts and probate, including estate administration. He is a knowledgeable and compassionate lawyer.
We are located 5 minutes from the Portage County courthouse in Ravenna, OH. Our law firm was created in 2000, and our lawyers have been servicing the Portage County community ever since.
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