Positive uses of Czech Trusts – Example 3: Immortality
This is a picture of a person who you might not recognise, but who most of you will know.
Nothing so far?
Perhaps his name will help? He’s the Rt. Hon. Frederick Arthur Stanley, 16th Earl of Derby KG GCB GCVO PC
No?
Another clue then: He was the sixth Governor General of Canada – from 1888 to 1893
Obviously a great man, but also one whose great achievements, and indeed very existence have been lost in the pages of history. Forgotten.
But actually, not.
You see in 1892, Lord Stanley set up a trust. His trustees purchased a decorative punch bowl, made in Sheffield, England, and had the words “Dominion Hockey Challenge Cup” engraved on one side of the outside rim, and “From Stanley of Preston” on the other side.
And by doing this, his name became immortal. You might not recognise Lord Stanley, but I am sure you recognise the punchbowl. It’s the small bowl part on top of this trophy:
. . . which is of course, the Stanley Cup – through which the name of Lord Stanley lives on to this day.
Of course you don’t need to be an Earl to do the same thing.
If you have money you’d like to give, perhaps to a cause that’s important to you, you can of course simply choose a charity that works in that field and give them the money. However if you do that, you lose all control over how that money is spent and how much goes on administration. Sometimes it can also be hard to find a charity that does exactly what you want.
Instead, since January this year, it has been possible for you to set up a svěřensky fond (A Czech trust). Such a trust can bear your name and can be dedicated exactly to the purpose you want to achieve. Examples could include:
- A sporting cup or scholarship
- An educational scholarship or prize
- Encouraging things that are important to you. If for example, you are a successful female lion-tamer, you might establish a trust to award an annual prize to the Czech Republic’s best female lion-tamer
- The restoration or preservation of a historical monument, building or church
- Building a concert hall
- Buying musical instruments for school children,
- etc., etc., etc., the possibilities are almost limitless.
Once the trust is in place, you can ‘open it’ allowing others who share your passion to contribute funds of their own.
