In the state of Massachusetts, trust planning can provide an individual with the freedom to allot their resources to reflect specific interests and objectives. Some individuals choose to establish a charitable trust because of a desire to financially contribute to a cause or organization that is particularly meaningful to them.
An 87-year-old woman left $900,000 to a park in New Hampshire when she passed away in 2012. The woman had desired that the donation be expended gradually over a period of multiple years, according to the trustee and lawyer of the charitable trust. The plans for the first ameliorations of many that the trust will fund are apparently in motion. As a child, the woman had spent time with her family on the property near a statue of an elk, and she had a distinctive fondness for the park. One of the woman’s final wishes was that a damaged antler on the elk statue be repaired, the trustee said.
A shortage of money apparently prevented the foundation from renovating or enhancing the park, and several old-time structures have become progressively run-down. The plan involves restoring a storage shed and a gazebo, extending and bettering the parking vicinity, and furnishing a concession stand. In 2005, the city evidently erected an elk statue reproduction that the woman had purchased; the park’s initial statue was wrecked during the 1960s.
The process of trust administration can be among the most crucial factors involved in estate planning. Designating a trustee can help an individual ensure that the financial goals of any type of trust are met with precision. If you are considering establishing a trust, contacting a trust attorney may appeal to your interests.
Source: Eagle-Tribune “’Elk Lady’ leaves $900K to her beloved park,” Shawn Regan, April 15, 2014