As a resident of Oklahoma, you may want to pass on a portion or the entirety of your assets to charity after your passing. But is it possible to do that? Fortunately for you, this is why charitable trusts exist.
According to How Stuff Works, charitable trusts can hold assets that are signed over or used by you, the donor, to create or help fund a charitable foundation. You can choose any charity to benefit from the assets that you have set aside in this trust. This allows you to determine exactly who gets your support even after your passing.
When it comes to different types of charity trusts, there are two: lead trusts and remainder trusts. With lead trusts, you retain control over the assets. Interest from that trust either goes to the charity or can be split among your beneficiaries. After the trust expires, what’s left reverts to the party of your choosing. Often, this will be a sibling, child, or surviving spouse.
With remainder trusts, all assets are signed over to a charity for a specified amount of time. This period of time can be any length you desire, and can last for decades (or longer) after your passing. After the date expires, all assets in the trust become property of the charity, including any interest garnered on the account during its time.
Charitable trusts can be a good option if you want to ensure that one or more charities can continue to receive your financial support. To learn more about the possible formation of a charitable trust, contact an attorney with experience in trusts and wills.