NationMaster - Encyclopedia: Charitable trust

A charitable trust is a trust established for charitable purposes. Charities may take the form of charitable trusts, companies or unincorporated associations. Image File history File links This is a lossless scalable vector image. ... Lady Justice or Justitia is a personification of the moral force that underlies the legal system (particularly in Western art). ... In the common law, a will or testament is a document by which a person (the testator) regulates the rights of others over his property or family after death. ... This law-related article does not cite its references or sources. ... This article or section does not adequately cite its references or sources. ... This article concerns the common-law legal system, as contrasted with the civil law legal system; for other meanings of the term, within the field of law, see common law (disambiguation). ... In the common law, a will or testament is a document by which a person (the testator) regulates the rights of others over his property or family after death. ... In the common law, a will or testament is a document by which a person (the testator) regulates the rights of others over his property or family after death. ... A holographic will is a will and testament that has been entirely handwritten and signed by the testator. ... -1... A will contract is a term used in the law of wills describing a contract to exchange a current performance for a future bequest. ... A codicil is a document that amends, rather than replaces, a previously executed will. ... In the common law, a will or testament is a document by which a person (the testator) regulates the rights of others over his property or family after death. ... In the statutory law of wills and trusts, an attestation clause is a clause that is typically appended to a will, often just below the place of the testators signature. ... A residuary estate, in the law of wills, is any portion of the testators estate that is not specifically devised to someone in the will, or any property that is part of such a specific devise that fails. ... Incorporation by reference is a doctrine of the common law of wills by which a person may state in his will that certain property is to be disposed of by a seperate document, describing the place where the document will be found. ... A will contest, in the law of property, is a formal objection raised against the validity of a will, based on the contention that the will does not reflect the actual intent of the testator (the party who made the will). ... In the common law tradition, testamentary capacity is the legal term of art used to describe a persons legal and mental ability to make a valid will. ... Undue influence (as a term in jurisprudence) is an equitable doctrine that involves one person taking advantage of a position of power over another person. ... An insane delusion is the legal term of art in the common law tradition used to describe a false conception of reality that a testator of a will adheres to against all reason and evidence to the contrary. ... Lapse and anti-lapse are complementary concepts under the law of wills, which address the disposition of property that is willed to someone who dies before the testator (the writer of the will). ... Ademption is a term used in the law of wills to determine what happens when property bequested under a will is no longer in the testators estate when the testator dies. ... Abatement (derived through the French abattre, from the Late Latin battere, to beat), a beating down or diminishing or doing away with; a term used especially in various legal phrases. ... The doctrine of acts of independent significance, in the common law of wills, permits the testator to effectively change the disposition of her property without changed her will, if acts or events with relation to the property itself have some significance beyond avoiding the requirements of the will. ... An elective share is a term used in American law relating to inheritance, which describes a proportion of an estate which the surviving spouse of the deceased may claim in place of what they were left in the decedents will. ... A pretermitted heir is a term used in the law of property to describe a person who would likely stand to inherit under a will, except that the testator (the person who wrote the will) did not know or did not know of the party at the time the will... This law-related article does not cite its references or sources. ... This law-related article does not cite its references or sources. ... Where property is passed to a person but no gift is made, it is held for the owner, this is the Resulting trust; where property should for some reason of public policy or fairness or rule of Equity be held for someone other than the legal owner, this is either... A trust is a legal relationship where one person, the trustee, holds assets for the benefit of another person, a beneficiary. ... A resulting trust is a type of implied trust created through implication of law where the actions of the parties involved and the nature of the transaction implies an intention to create a trust. ... A bare trust is one in which the beneficiary has a right to both income and capital and may call for both to be remitted into their own name, they are also entitled to take actual ownership and control of the trust property. ... A discretionary trust[1] is a trust where the beneficiaries and/or their entitlements to the trust fund are not fixed, but are determined by the criteria set out in the trust instrument by the settlor. ... This law-related article does not cite its references or sources. ... An interest in possession trust is the most common example of a life interest trust. ... A purpose trust is a kind of trust which has no beneficiaries, but instead exists for advancing some non-charitable purpose of some kind. ... In American estate planning parlance, an incentive trust is a trust designed to encourage or discourage certain behaviors by using distributions of trust income or principal as an incentive. ... The Protective Trust is a form of settlement found in England and Wales and several Commonwealth countries. ... A spendthrift trust is a trust that is created for the benefit of a person who is in debt (often because they are unable to control their spending) that gives an independent trustee full authority to make decisions as to how the trust funds may be spent for the benefit... In the U.S., proper ownership of life insurance is important if the insurance proceeds are to escape federal estate taxation. ... An honorary trust, under the law of trusts, is a device by which a person establishes a trust for which there is neither a charitable purpose, nor a private beneficiary to enforce the trust. ... An asset-protection trust is a term which covers a wide spectrum of legal structures. ... Special Needs Trusts are created to ensure that beneficiaries who are developmentally disabled or mentally ill can receive inheritances without losing access to essential government benefits. ... Please wikify (format) this article as suggested in the Guide to layout and the Manual of Style. ... In common law legal systems, a trust is a contractual relationship in which a person or entity (the trustee) has legal title to certain property (the trust property or trust corpus), but is bound by a fiduciary duty to exercise that legal control for the benefit of one or more... A pour-over will is a testamentary device wherein the writer of a will creates a trust, and decrees in the will that the property in his estate at the time of his death shall be placed in the trust. ... This article does not cite any references or sources. ... A living will, also called will to live, advance health directive, or advance health care directive, is a specific type of power of attorney or health care proxy or advance directive. ... Intestacy is the condition of the estate of a person who dies owning property greater than the sum of his or her enforceable debts and funeral expenses without having made a valid will or other binding declaration; alternatively where such a will or declaration has been made, but only applies... A testator is a person who has made a legally binding will or testament, which specifies what is to be done with that persons penis family and/or property after death. ... Probate is the legal process of settling the estate of a deceased person; specifically, resolving all claims and distributing the decedents property. ... A power of appointment is a term most frequently used in the law of wills to describe the ability of the testator (the person writing the will) to select a person who will be given the authority to dispose of certain property under the will. ... Simultaneous death is a problem of inheritence which occurs when two people (usually a husband and wife) die at the same time in an accident. ... The slayer rule, in the common law of inheritance, is a doctrine that prohibits inheritence by a person who murders someone from whom they stand to inherit. ... Disclaimer of interest (also called a renunciation), in the law of inheritance, wills and trusts, is a term that describes an attempt by a person to renounce their legal right to benefit from an inheritance (either under a will or through intestacy) or through a trust. ... A contract is any promise or set of promises made by one party to another for the breach of which the law provides a remedy. ... In the common law, a tort is a civil wrong for which the law provides a remedy. ... This article or section does not cite any references or sources. ... Criminal law (also known as penal law) is the body of statutory and common law that deals with crime and the legal punishment of criminal offenses. ... The law of evidence governs the use of testimony (e. ... In common law legal systems, a trust is a contractual relationship in which a person or entity (the trustee) has legal title to certain property (the trust property or trust corpus), but is bound by a fiduciary duty to exercise that legal control for the benefit of one or more... A voluntary association (also sometimes called just an association) is a group of individuals who voluntarily enter into an agreement to form a body (or organization) to accomplish a purpose. ...

In Commissioner for Special Purposes of Income Tax v Pemsel [1891] Lord Macnaghten identified four major categories of charitable purposes which could be extracted from the old Statute of Charitable Uses and that are recognized by the law of charities today:- (1) The relief of Poverty (2) The advancement of Education (3) The advancement of Religion (4) Other purposes beneficial to the community

In general the same rules of trust law apply to charitable and non-charitable trusts. However some special rules apply only to charitable trusts. Details will vary between different jurisdictions. However at common law the most important of these special rules for charities, which continue to apply in most trust law jurisdictions, are as follows:

If the trust has qualified under laws such as Internal Revenue Code Section 501(c), donations to the trust may be deductible to the individual taxpayer or corporate donor. The rule against perpetuities is a rule in property law which prohibits a contingent grant or will from vesting outside a certain period of time. ... The cy pres doctrine (pronounced as see-pray) is doctrine of the Court of equity. ... The Internal Revenue Code (or IRC) (more formally, the Internal Revenue Code of 1986, as amended) is the main body of domestic statutory tax law of the United States organized topically, including laws covering the income tax (see Income tax in the United States), payroll taxes, gift taxes, estate taxes... 501(c) is a provision of the United States Internal Revenue Code (26 U.S.C. Â§ 501(c)), listing twenty-eight types of non-profit organizations exempt from some Federal income taxes. ...

Categories: Law stubs | Charities | Wills and trusts In modern usage, the practice of charity means the giving of help to those in need. ... Philanthropy is the act of donating money, goods, time, or effort to support a charitable cause, usually over an extended period of time and in regard to a defined objective. ... Alms Bag taken from some Tapestry in Orleans, Fifteenth Century. ... Tzedakah (Hebrew: ×¦×“×§×”) in Judaism, is the Hebrew term most commonly translated as charity, though it is based on a root meaning justice .(×¦×“×§). Judaism is very tied to the concept of tzedakah, or charity, and the nature of Jewish giving has created a North American Jewish community that is very philanthropic. ... This is a sub-article of Islamic economical jurisprudence. ... For the ethical doctrine, see Altruism (ethics). ... Love gift Man presents a cut of meat to a youth with a hoop. ... Donation is a gift to a fund or cause, typically for charitable reasons. ... Alternative giving or virtual giving is a form of gift giving where the donor, instead of buying a gift for the recipient, makes a donation to a charitable organization in the recipientâ€™s name and the organization provides a certificate or card for the recipient. ... A non-governmental organization (NGO) is a private institution that is independent of the government although many NGOs, particular in the global South, are funded by Northern governments. ... A charitable foundation is a legal categorization of nonprofit organizations that either donate funds and support to other organizations, or provide the sole source of funding for their own activities. ... A non-profit organization (abbreviated NPO, or non-profit or not-for-profit) is an organization whose primary objective is to support an issue or matter of private interest or public concern for non-commercial purposes, without concern for monetary profit. ... It has been suggested that this article or section be merged into Nonprofit. ... Charity Navigator is an independent, non-profit organization that evaluates American charities. ... This article or section does not cite any references or sources. ... Charity badge - a widget used on web-sites, blogs, social networks or e-mail for promotion of some humanitarian initiative, mainly gathering donation for charity projects. ... This article does not cite any references or sources. ... A philanthropist is someone who engages in philanthropy; that is, someone who donates his or her time, money, or reputation to a charitable cause. ... Charitable contribution deductions for United States Federal Income Tax purposes are defined in section 170(c) of the Internal Revenue Code as contributions to or for the use of certain listed nonprofit enterprises. ...