Corey Auerbach, partner, was recently featured in the “Ask the Experts” column of Common Ground, which is Community Association Institute’s national magazine.
“Q: Some of our homeowners want to leave the association money in their will. Can the association accept these sorts of gifts? Does it need to be set up through a trust or used for a specific purpose? —New York
A: Unless inconsistent with the terms of an association’s governing documents or any certificate of incorporation, there is nothing that would restrict an association from accepting a monetary gift, be it during the life of the donor or as part of testamentary bequest. Similarly, a donor could establish a trust for the benefit of the association. If the association is aware that a donor desires to provide for the association in a will or trust, it may be beneficial to meet with the donor to ensure the intent and purpose of the donation can be satisfied.”
Read the full column here.