Too Much Money Can be a Problem

When one thinks about how to manage one's finances charitable trusts are something to consider. They can be created for either of the following four purpuses: relief of poverty, advancement of education, advancement of religion or the benefit of the community. But, what are charitable trusts?

Charitable trusts originate from the Statute of Charitable Uses 1601. It says in the Preamble that these trusts involve tranfer of money for the purpose of bringing a relief for aged, impotent and poor people. It also mentions spending money on schools and scholars at a university. Besides, education and preferment of orphans, and aid of poor inhabitants is additionally covered under the statue. The same elements are repeated in a more recent Charities Act 1960.

So, people who have high income should certainly consider spending a certain sum of money on a good purpose to support those in need.



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