A memorial trust is a creative way of honoring the memory of a deceased family member or friend. Donations are made by the public and assist in helping the deceased person’s family to advance a cause that their loved one truly cared about. In Maryland, there are several basic steps to take when setting up this trust.
Choose your charity
As part of setting up a memorial fund, choose the charitable cause or organization that you want to support. You can make a one-time donation to a one-time event or sign up as a long-time member and make recurring donations. Make sure it is a cause that your loved one genuinely supports.
Choose the funding methods
There are public donation websites where you join and set up an account and donation page. Another option is to collect the funds through a community foundation, which is a third party that will help raise the funds for you. However, going the independent route gives you more control and flexibility over how the money is raised and spent.
Create a separate bank account
Creating a separate bank account from your own adds more integrity to your trust and protects your project from fraud. Place the donations in a dedicated account that allows you to collect, transfer and manage funds online.
Setting up a memorial trust
One way of dealing with the grief of losing a loved one is starting a memorial trust. Even in the worst economic times, there are people willing to donate money to public memorial funds and charitable causes. The increase in public donation websites has made it easier for you or anyone to honor a loved one’s legacy.