Setting up a living trust can help distribute individual wealth to an organization charged with taking care of an individual's assets. These assets are then divided into gifts of money that have specified recipients, often as charitable donations.
Jack Malcom had set up a living trust in order to help him distribute the remains of his estate, valued at over $1 million, to his favorite local organizations. A humble and frugal man, the former florist had amassed his small fortune through hard work and a penny pinching lifestyle, the Gresham Outlook reported.
Bob Dye, the estate executor of the trust, has the task of writing checks to the nine organizations that Malcom designated. A medical center and four local churches will each receive $200,000 and two local education foundations are set to receive $75,000. Smaller gifts are being distributed among area historical societies and music centers, according to Oregon Business.
"Jack was part of everything good in our town," said Doug Walker, owner of Walker Travel, during a gathering of beneficiaries on May 19. "As beneficiaries of Jack’s generosity, your job is to make Malcom’s flowers bloom."