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Simple English definitions for legal terms
charitable remainder
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A quick definition of charitable remainder:
A charitable remainder is when someone gives their property to a charity after they die. It's a type of future interest in the property that goes to someone else after the person who owned it dies. There are different types of remainders, like vested and contingent remainders, but a charitable remainder is specifically when the property goes to a charity. It's a way for people to give back and support causes they care about even after they're gone.A more thorough explanation:
Definition: Charitable remainder refers to a future interest in a property that is given to a charity after a life estate. For example, "to Jane for life, and then to the American Red Cross."
This means that Jane has the right to use the property for her lifetime, but after she passes away, the property will go to the American Red Cross. This type of arrangement is often used in estate planning to provide for a loved one during their lifetime while also supporting a charitable cause.
Another example of a charitable remainder is "to John for life, and then to the local animal shelter." This means that John can use the property during his lifetime, but after he passes away, the property will go to the local animal shelter.
These examples illustrate how a charitable remainder can be used to support a charitable cause while also providing for a loved one during their lifetime.