Legal Question in Wills and Trusts in Massachusetts
scholarship trust
My friend passed away in The Station Nightclub fire in Rhode Island. It will be five years this February and we are now trying to start an Athletic Scholarship Fund for her at the high school. I have several friends and local businesses that are willing to donate. What is the best approach? Non-profit is too business oriented, it's simply me and my friend. I set up a private account at my bank but believe I should legalize it some how. I do not see a deceased trust option only a living trust. I'm really at a loss and was hoping some one could help me. The total funds would most likely not exceed a couple thousand. We want to offer an annual Athletic Scholarship fund at Sutton High School for Beth Mosczynski. My friend and I don't have money to hire an attorney so we really would appreciate any help you could offer. Thank you very much. Carrie-Ann
3 Answers from Attorneys
Re: scholarship trust
First, kudos to you for taking the initative in your friend's memory.
I would start by checking with either the high school or the school district. Many schools have designated scholarship funds which they administer according to whatever guidelines may have been set out by the donor (like $100 for a left-handed redhead who likes to knit and has a B+ average). There may also be a local educational foundation which already has been established -- again, the school superintendent or high school principal would have information.
Re: scholarship trust
Carrie-Ann
First you should be congratulated for taking the initiative. Most school systems have an administrative system in place to handle scholarship accounts. Check with the High School and the School Administration. It does not take a lot to create an account if the school has already set-up a way to do this.
Alternatively, you can check with the Attorney General's Office who has instructions on creating a non-profit or a friend of the school charitable organization.
You could also contact a local college and see what is required to set-up a scholarship with them, although the numbers tend to be much larger for colleges.
Good Luck, you are to be commended
Re: scholarship trust
The simplest way, without the overhead or costs of setting up a separate charitable organization would be to contact existing charities in your area to determine if they would be willing to accept gifts restricted to such purposes as you propose. You would do the leg work as far as getting the restricted gifts, they would administer it, in accordance with IRS rules and mutually-agreed upon guidelines consistent with their organization's mission. You will need to set things with them (the charity) before you solicit (any more), and you will need to make sure that you are acting in accordance with the AG's regulations on charitable solicitations, but the charity might be able to assist you in complying.
Good luck to you!
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