Hawaii Provision in Testamentary Trust with Bequest to Charity for a Stated Charitable Purpose

• Category: Trusts - Charitable
• State: Multi-State
• Control #: US-0658BG
• Format: Word; Rich Text

Description

This form is a sample provision in a testamentary trust with a bequest to charity for a stated charitable purpose. A Hawaii Provision in a Testamentary Trust with a Bequest to Charity for a Stated Charitable Purpose is a legal document that governs the distribution of assets and funds to a designated charitable organization or purpose after the death of the trust's creator. This provision is specific to trusts created under Hawaiian trust laws and ensures that the donor's philanthropic goals are met following their passing. There are various types of Hawaii Provisions in Testamentary Trusts with a Bequest to Charity for a Stated Charitable Purpose, including: 1. Charitable Remainder Trust (CRT): It allows the donor's beneficiaries to receive income from the trust for a certain period, after which any remaining assets are transferred to the designated charitable organization or cause. 2. Charitable Lead Trust (CLT): In this type of trust, income generated from the trust is initially directed to the charity, and upon completion of the specified term, the remaining assets are transferred to the designated beneficiaries. 3. Pooled Income Fund (PIF): This trust allows multiple donors to contribute assets to a single fund managed by a charitable organization. The income generated from the fund is distributed to the beneficiaries, and upon their passing, the remaining assets are retained by the charity. 4. Donor-Advised Fund (DAF): With a DAF, the donor contributes assets to a fund managed by a charitable organization. The donor retains the advisory rights to recommend which charitable causes should receive distributions from the fund during their lifetime and after their passing. 5. Restricted Purpose Trust: This type of trust designates specific charitable organizations or causes that will benefit from the trust. The trust document outlines the purpose and objectives of the charitable bequest, ensuring that the funds are used for those intended purposes only. The Hawaii Provision in a Testamentary Trust with a Bequest to Charity for a Stated Charitable Purpose showcases the philanthropic nature of trust creators and allows them to leave a lasting impact on their community or the causes they most care about. Governed by the laws of Hawaii, these provisions provide a legal framework to ensure that the charitable bequest is carried out according to the donor's wishes.

A Hawaii Provision in a Testamentary Trust with a Bequest to Charity for a Stated Charitable Purpose is a legal document that governs the distribution of assets and funds to a designated charitable organization or purpose after the death of the trust's creator. This provision is specific to trusts created under Hawaiian trust laws and ensures that the donor's philanthropic goals are met following their passing. There are various types of Hawaii Provisions in Testamentary Trusts with a Bequest to Charity for a Stated Charitable Purpose, including: 1. Charitable Remainder Trust (CRT): It allows the donor's beneficiaries to receive income from the trust for a certain period, after which any remaining assets are transferred to the designated charitable organization or cause. 2. Charitable Lead Trust (CLT): In this type of trust, income generated from the trust is initially directed to the charity, and upon completion of the specified term, the remaining assets are transferred to the designated beneficiaries. 3. Pooled Income Fund (PIF): This trust allows multiple donors to contribute assets to a single fund managed by a charitable organization. The income generated from the fund is distributed to the beneficiaries, and upon their passing, the remaining assets are retained by the charity. 4. Donor-Advised Fund (DAF): With a DAF, the donor contributes assets to a fund managed by a charitable organization. The donor retains the advisory rights to recommend which charitable causes should receive distributions from the fund during their lifetime and after their passing. 5. Restricted Purpose Trust: This type of trust designates specific charitable organizations or causes that will benefit from the trust. The trust document outlines the purpose and objectives of the charitable bequest, ensuring that the funds are used for those intended purposes only. The Hawaii Provision in a Testamentary Trust with a Bequest to Charity for a Stated Charitable Purpose showcases the philanthropic nature of trust creators and allows them to leave a lasting impact on their community or the causes they most care about. Governed by the laws of Hawaii, these provisions provide a legal framework to ensure that the charitable bequest is carried out according to the donor's wishes.