What is a charitable trust?

A charitable trust is a type of trust that is created for purposes that are considered to be in the public interest. In Virginia, this type of trust must be established and maintained for exclusively charitable purposes; these purposes can include health, education, or other community needs. The trust should also be formed to benefit a specific charity, and it can be used to support any number of activities that are related to that charity. Specifically, a charitable trust can be used to protect and manage assets that have been donated to charity or to a non-profit organization. The trust may also be used to invest donated money or other assets in a way that that will provide a steady income stream to the charity or organization. In Virginia, a charitable trust must be established in writing and it must be signed by the person who is responsible for the trust. Charitable trusts must also be registered with the government so that they can be monitored. Additionally, a charitable trust must be irrevocable, meaning that it cannot be changed or canceled after it has been created. In summary, a charitable trust is a type of trust that is established in Virginia to help support a specific charity or non-profit organization. The trust can be used to protect and manage assets that have been donated and it must be established in writing and properly registered with the government.

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