Perpetual scholarship bequest

On Oct 25, 7:14 am, scruffy323 <steve.mo...@gmail.com> wrote:
>  How to leave scholarship to generations of my family what legal
> structure to use?

This is a complex area of property and estate law.  If you've got enough money to endow a scholarship, you need to hire a lawyer to do this for you.  Don't be foolish and try to do it yourself.

> I would like to leave a money and scholarships to all of my decendants
> for ever till the money runs out or forever.  Is this possible

That depends on exactly what you are trying to accomplish, and whether you are willing to modify your goals as may be necessary to comply with the law.  If the only beneficiaries will be your own descendants, this is not exactly a charitable project, just a limit on when and how your heirs get their money.  You probably will have to comply with the Rule Against Perpetuities, which your lawyer will explain to you as it applies in your particular case.

> what legal structure would I use.

That depends on a lot of facts you haven't told us in your post, in addition to your intended purpose.   Your lawyer can help you choose the correct form based on all the facts, which you can provide in response to his questions.

> I would think trust but my understanding is that trusts will have to
> end after 81 years

So you are already aware of the Rule Against Perpetuities, eh?  Have you previously talked to a lawyer about this, or did you pick this up from general knowledge?  Actually, that's not a correct statement of the Rule.  There are plenty of discussions on the Web about the actual Rule and I suggest you browse them with your favorite search engine.  Basically, any purported transfer of a contingent future interest in property is void unless it "vests" within a life in being plus 21 years.   That, often, will work out to be a lot more than 81 years, and sometimes less.  But it can't be contingent forever; the interest has to "vest" within the required time or else the attempted transfer of that interest is void.

That doesn't mean, necessarily, that your scholarship plan can't go on forever, if it is set up properly.   Which is why you ought to have a lawyer do this for you.  Good luck,

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Mike Jacobs
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