Message:

<p>[QUOTE=&quot;verybrad, post: 4389223, member: 37&quot;]I ran across this story awhile back.&nbsp; Sounds like a classic story of lack of funds for preservation.&nbsp; It is too bad that the will did not provide for alternate plans if the first beneficiary could not keep up their obligation within a specific time frame.&nbsp; This is fairly common practice these days in such circumstances.&nbsp; Otherwise, one should plan in advance how a property is to fit within a beneficiary organization&#039;s purpose and plan.&nbsp; Many an organization has forgone such bequests due to lack of fit.&nbsp; There is always an option for an organization to appeal to the court to change the focus of a donation.&nbsp; As long as the intent an purpose of the person&#039;s wishes are met, they are usually willing to go along.&nbsp; </p><p><br /></p><p>I once worked for an organization that was the ultimate beneficiary of a multi-million dollar bequest.&nbsp; The donor wanted to leave their home and estate to establish a girl&#039;s industrial school within the home community.&nbsp; Besides the idea that an industrial school is an antiquated organizational model, the home was totally unsuited to any such conversion.&nbsp; The courts ruled early on that the estate be converted to cash while a suitable use was found.&nbsp; The company I worked for operated both a home for boys and one for girls that were residential treatment centers.&nbsp; The original girls school was founded as an industrial school, though had evolved beyond the original purpose.&nbsp; The organization created a proposal on how to use the funds to further their program for serving at-risk girls and received the award.&nbsp;&nbsp; They ultimately built a new building serving both girls and boys with a new name that reflected the history of bequests.&nbsp; Unfortunately, all of this history has since been lost and the organization is now under the umbrella of the large non-profit corporation, Children&#039;s Home and Aid, based in Chicago. I am sure that none of the donors intended that their bequest would end up being used in this way and their names mostly lost to History.[/QUOTE]</p><p><br /></p>

Your name or email address:

Do you already have an account?

• No, create an account now.
• Yes, my password is:
• Forgot your password?

Stay logged in