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

• Category: Trusts - Charitable
• State: Multi-State
• City: Chicago
• 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. Chicago, Illinois Provision in Testamentary Trust with Bequest to Charity for a Stated Charitable Purpose A Testamentary Trust refers to a trust established through a person's last will and testament, which comes into effect upon their death. In the case of a Chicago, Illinois provision in a testamentary trust, it specifically pertains to trusts established within the jurisdiction of the city of Chicago, in the state of Illinois. These trusts are created with the intention of benefiting a charitable organization or supporting a charitable cause. The provision allows individuals to make a bequest, or a gift, to a charitable organization of their choice, while specifying that the funds or assets be utilized for a stated charitable purpose within the city of Chicago. This provision ensures that the charitable beneficiary will receive the designated funds and utilize them in accordance with the donor's wishes. It also allows individuals to leave a lasting impact on their community in Chicago and contribute to causes they are passionate about. Under the Chicago, Illinois provision in a testamentary trust, there are different types or variations that individuals may consider while setting up their trust: 1. Restricted Charitable Provision: This type of provision defines a specific charitable purpose or organization that the testator, or the person creating the trust, wishes to support. For example, an individual may specify that funds from the trust should be used to provide scholarships for underprivileged students in Chicago. 2. General Charitable Provision: In this case, the provision leaves the choice of charitable organization or purpose to the trustee, who is responsible for managing the trust. The trustee is then tasked with selecting a charitable cause within Chicago that aligns with the testator's intentions. This provides flexibility to adapt to changing community needs. 3. Successor Charitable Provision: This provision entails naming a series of charities or charitable purposes in case the primary beneficiary is unable to fulfill the stated purpose mentioned in the trust. It ensures that the assets are still directed towards a charitable cause, even if the primary beneficiary ceases to exist or can no longer fulfill its mission. 4. Perpetual Care Charitable Provision: This type of provision designates funds or assets from the testamentary trust to support the maintenance and upkeep of a specific charitable facility or institution within Chicago. For instance, the trust could provide for the ongoing maintenance of a local community center or support the operation of a shelter for the homeless. In conclusion, the Chicago, Illinois provision in a testamentary trust with a bequest to charity for a stated charitable purpose offers individuals the opportunity to support charitable causes or organizations in the city of Chicago. By establishing this provision, donors can leave a lasting impact on their communities, supporting causes they deeply care about, while ensuring their wishes are carried out after their passing.

Chicago, Illinois Provision in Testamentary Trust with Bequest to Charity for a Stated Charitable Purpose A Testamentary Trust refers to a trust established through a person's last will and testament, which comes into effect upon their death. In the case of a Chicago, Illinois provision in a testamentary trust, it specifically pertains to trusts established within the jurisdiction of the city of Chicago, in the state of Illinois. These trusts are created with the intention of benefiting a charitable organization or supporting a charitable cause. The provision allows individuals to make a bequest, or a gift, to a charitable organization of their choice, while specifying that the funds or assets be utilized for a stated charitable purpose within the city of Chicago. This provision ensures that the charitable beneficiary will receive the designated funds and utilize them in accordance with the donor's wishes. It also allows individuals to leave a lasting impact on their community in Chicago and contribute to causes they are passionate about. Under the Chicago, Illinois provision in a testamentary trust, there are different types or variations that individuals may consider while setting up their trust: 1. Restricted Charitable Provision: This type of provision defines a specific charitable purpose or organization that the testator, or the person creating the trust, wishes to support. For example, an individual may specify that funds from the trust should be used to provide scholarships for underprivileged students in Chicago. 2. General Charitable Provision: In this case, the provision leaves the choice of charitable organization or purpose to the trustee, who is responsible for managing the trust. The trustee is then tasked with selecting a charitable cause within Chicago that aligns with the testator's intentions. This provides flexibility to adapt to changing community needs. 3. Successor Charitable Provision: This provision entails naming a series of charities or charitable purposes in case the primary beneficiary is unable to fulfill the stated purpose mentioned in the trust. It ensures that the assets are still directed towards a charitable cause, even if the primary beneficiary ceases to exist or can no longer fulfill its mission. 4. Perpetual Care Charitable Provision: This type of provision designates funds or assets from the testamentary trust to support the maintenance and upkeep of a specific charitable facility or institution within Chicago. For instance, the trust could provide for the ongoing maintenance of a local community center or support the operation of a shelter for the homeless. In conclusion, the Chicago, Illinois provision in a testamentary trust with a bequest to charity for a stated charitable purpose offers individuals the opportunity to support charitable causes or organizations in the city of Chicago. By establishing this provision, donors can leave a lasting impact on their communities, supporting causes they deeply care about, while ensuring their wishes are carried out after their passing.