Charitable remainder trust

A charitable trust is a trust established for charitable purposes. Charities may take the form of charitable trusts, companies or unincorporated associations. In Commissioner for Special Purposes of Income Tax v Pemsel [1891] Lord Macnaghten identified four major categories of charitable purposes which could be extracted from the old Statute of Charitable Uses and that are recognized by the law of charities today:-The relief of povertyThe advancement of educationThe advancement of religionother purposes beneficial to the community
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An irrevocable trust that pays income to a designated person or persons until the grantor's death, when the income is passed on to a designated charity. In contrast, the charitable lead trust allows the charity to receive income during the grantor's life and the remaining income passes to designated family members upon the grantor's death.

A trust established for the benefit of a charitable organization under which the charitable organization receives income from an asset for a set number of years or for the settlor's lifetime. Upon termination of the trust, assets revert to the settlor or designated heirs.