How charitable trusts can impact the community
Upsetting images of a pod of beached whales hit our screens in September 2022, with more than 230 long-finned pilot whales stranded on remote Ocean Beach, near Strahan on Tasmania’s west coast.
While around 40 whales were refloated and returned to the water, rescuers were also left with the unenviable task of towing many deceased whales back out to sea.
The operation required a mammoth effort from Tasmania’s Department of Natural Resources & Environment and the Strahan community.
The Department’s work with marine mammal conservation is financially supported by an annual bequest from the Princess Melikoff Trust, which funds the Princess Melikoff Trust Marine Mammal Conservation Program.
Princess Melikoff, née Pauline Curran, was born in Tasmania. In 1926 she married a Russian prince and became royalty. The Princess Melikoff Trust was established in 1988 on the princess’ death.
TPT Wealth has been the trustee for the Princess Melikoff Trust from its outset.
Since 1998, the Princess Melikoff Trust has paid out over $7.55 million towards the marine mammal conservation program, which is on average $328,000 per year.
While the Princess Melikoff Trust Marine Mammal Conservation Program was originally set up to help end commercial whaling, it has evolved over time to funding marine mammal rescue and conservation initiatives, and the program is now a leader in this field. The program also administers a 24-hour marine mammal stranding hotline.
TPT Wealth - A reliable trustee
“Since 1988, TPT Wealth has been responsible for ensuring its two beneficiaries - the Princess Melikoff Trust Marine Mammal Conservation Program and Respect Aged Care – receive their bequests,” said Alan Logan, General Manager TPT Wealth.
TPT Wealth was established in 1887, and is authorised under the Trustee Companies Act 1953.
“TPT Wealth takes great pride in our long Tasmanian heritage, and responsibility as a trust administrator over generations, and in perpetuity,” said Mr Logan.
“As a local business administering some of Tasmania’s enduring trusts, we are privileged to witness the great work, progress achieved and positive community impacts.”
Setting up a charitable trust
The Princess Melikoff Trust is a charitable trust – a popular way of providing ongoing financial support to charitable organisation(s) that have had meaning to the founder’s life.
Charitable trusts often have joint purposes: to distribute funds in line with the founder’s wishes and to protect and grow its capital over time.
The founder may nominate certain charities or causes to receive financial support though the writing of a will, or alternatively delegate responsibility for this to a trustee organisation such as TPT Wealth.
Usually, a trust’s founders will use their will to appoint a trustee and outline the trust’s parameters, which may include direction to how the funds are to be used.
“As Trustee, TPT Wealth manages administration for many charitable trusts. We also oversee their investment strategies and distribute their income and or capital,” added Mr Logan.
Charitable trusts are a great way of ensuring your estate continues to contribute to causes that matter to you. If you are thinking about setting up a charitable trust, TPT Wealth can provide you with professional advice and support.
