What is a Charitable Remainder Trust?
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A charitable remainder trust is a separately invested, irrevocable trust you create by designating a person or persons to receive income payments of at least 5 percent annually and transferring assets to a trustee you select. The trustee may be Oberlin College, one or more individuals, a bank, or a combination of these. If the College serves as trustee, it will absorb the administrative and maintenance costs rather than charging them to the trust. The beneficiaries may be any person(s) you choose. They may receive income for their lives or for a specified term of years, not to exceed 20. At the death of the last beneficiary or at the end of the term of years, the trust terminates and the remaining principal is then used by Oberlin to further its purposes. Donors may designate a specific purpose for the use of their gift. For all trusts administered by Oberlin, we require that a life beneficiary be 50 years of age or older.