Endowment: Living Trusts

A satisfying commitment today while preserving control and security for tomorrow.
 
A popular and versatile estate planning tool is the living trust. This is sometimes called an inter vivos trust because it is created and becomes active during your lifetime. Many people use this trust to organize personal finances, provide for family members, and make gifts to Scouting.

The trust agreement is written to meet your needs and specifications. It keeps you in control of your assets during your lifetime and specifies how your property should be distributed after your death.

A living trust can be revocable or irrevocable. Even if you have a living trust, it is still advisable to have a will. The will transfers into the trust any assets or property that have been deliberately or inadvertently omitted from the list of assets placed into the trust. A living trust can avoid probate delays, provide privacy as to how your assets are distributed (since probate documents are of public record), and they can reduce the expenses of estate administration.

These advantages should be weighed against the cost of administering the trust during your lifetime.

A trust can enhance your estate planning and reduce estate taxes, however, a living trust is not suitable for everyone, and for some people it may be more expensive and burdensome than a will. To determine whether a living trust is suitable for your needs, you should consult your attorney. As with a will, the living trust is an excellent way to make a gift to Scouting. Your gift can be any size and of virtually any asset, and you can specify the preferred use of your gift if you choose. A provision for your local council or other charities you support can easily be added to your trust agreement, and it may be a specific, contingent, residual, or remainder gift.

To ensure that your wishes will be fulfilled, please contact Steven Benini at the Greater New York Councils, Boy Scouts of America at (212) 651-2815 or via e-mail at steven.benini@scouting.org for specific suggestions regarding the wording of your gift.