Few businesses manage to stay around for two centuries. Sometimes an entire government doesn’t even make it that long. It may surprise you then to learn that a charitable trust that was created over 200 years ago is still going strong today.
Back in 1801 Captain Robert Richard Randall died leaving behind a Last Will and Testament that he had signed just four days prior to his death. In the Will, he left the proceeds of his estate assets to the creation of a charitable trust. That trust was to be used for an “asylum, or Marine Hospital to maintain and to support aged, decrepit, and worn-out sailors”. In an unusual, yet brilliant, provision, Captain Randall ordered that the trust was to be governed by eight New York residents — the recorder, the chancellor of the state, the mayor of the city, the senior ministers of the Episcopal and Presbyterian churches, and the president and the vice president of The Marine Society. That provision alone is likely why the trust survives today.
The trust, in fact, not only survives but flourishes. To date, it has helped over 15,000 sailors in need. Everything from medical care and treatment to assisted living complete with free meals is available to eligible mariners. Although originally located in New York, the retirement facilities are now located on 8,000 acres on the water in North Carolina. If you think that you, or someone close to you, could benefit from the trust, an application is available through their website.
Stephen A. Mendel, Estate Planning Attorney
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