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WZwieg

USA
3 Posts

Posted - 12/22/2006 :  3:17:17 PM  Show Profile  Reply with Quote
I have a client who is single, no children. He wants to leave his entire estate to a department of a college to fund scholarships. Can this be handled in his Will or is a Trust needing to be set up now? He does not want to fund a Trust at this time, only all assets to the school in trust after his death. Does the school need to be notified at this time as well?

Ronald Lipman

USA
499 Posts

Posted - 01/02/2007 :  2:55:18 PM  Show Profile  Reply with Quote
I would think your client's gift could be handled in his Will. He probably doesn't need to create a CRT now, based upon what you stated in your question.

If he tells the school, they will undoubtedly want to seek contributions from him now rather than later. He may not want that attention at this time. You should therefore ask the client to see if he wants to notify the school.

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