We talk a lot about how wills and trusts are essential tools of comprehensive estate planning that New Jersey residents can and should use. Among the benefits of having a will drawn up by an experienced estate planning attorney is the assurance that your assets will be distributed to heirs the way you want. Establishing trusts can ensure an income stream for yourself later in life, or help ensure that more of your assets are protected for the benefit of loved ones.
Another example of how trusts can be put to work for the benefit of others is offered in the story of a teenage girl in Britain. Amy May Knowles is a bright young 17-year-old who has a rare stomach disorder. Her condition is a mystery to some of the top experts in England. As a result of it, the nerves and muscles in her stomach don't work and she can't digest food.
After years of ongoing treatment, including eight major surgeries, Amy is now relegated to being fed liquid nourishment through a feeding tube for 12 hours every day.
Recently, she made the decision to create a trust raise funds for it. The objective of the fund, according to media reports, is to pay for her ongoing medical treatments. It's also meant to pay for ongoing research into the condition she's afflicted with in hopes of helping others and possibly finding a cure. The beneficiary of the fund will be Great Ormond Street Hospital, the leading children's hospital in Britain.
According to Amy's mother, the girl wants the money raised to fund stem cell research to help determine the cause of her condition and to fight it and other gastric disorders.
Source: Bradford Telegraph and Argus, "Keighley teenager sets up fund for fellow stomach disorder sufferers," Marc Menaud, April 26, 2012