Guidelines for Trustees
We suggest the following or similar wording:
Dear Trustee,
Thank you for agreeing to become trustees of my Gap Year Gift Trust. I am writing to confirm the conditions under which I wish you to manage that Trust and distribute the appropriate sums of money to my grandchildren.
Please establish and monitor the Trust to ensure that its value at least keeps apace with inflation. On the winding up of the Trust, any unused or surplus funds are to be donated directly to a third world development agency.
As each of my grandchildren reaches the age of 18, please let them know of this Gift and of the opportunity for them to make an application to you to draw down funds during their Gap Year in order to participate in a six-month field assignment of their choice with a third world development agency and undertake a further six months of travel.
You will evaluate the application according to the following guidelines:
1. Application must be for a period when the applicant is aged between 21 and 25 years and is able to satisfy the criteria of the proposed development agency.
2. The assignment(s) must be with a recognised agency and for a role that will see the applicant actively engaged in the field.
3. The assignment(s) must be for a combined period of not less than six months in one year.
4. In the event that the applicant has a disability, a local project may be agreed which is in line with the spirit of this Gift.
5. In the event of a disagreement as to how a project may be evaluated, you may invite the Executor of this will to arbitrate.
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