On May 22, 2023 The Act on Family Foundations enters into force, regulating the organization and functioning of family foundations, including the rights and obligations of the founder and the beneficiary.
Pursuant to the Act, a Family Foundation is a legal person established to collect property, manage it in the interest of beneficiaries and provide benefits to beneficiaries. The family foundation’s income and assets will be used to finance, for example, the costs of maintenance, education or treatment of beneficiaries, or expenses for statutory purposes of a non-governmental organization conducting public benefit activities. The detailed purpose of the family foundation will be determined by the founder.
A natural person who has full legal capacity and who has made a statement on establishing a family foundation in the founding deed or in the may become the founder. A family foundation may also be established by several founders, with the exception of a foundation established in a will, because due to the applicable rules for drawing up wills, a family foundation established in a will, be able to have only one founder. It is also important that the rights and obligations of the founder will be inalienable. However, the founder may entrust his powers to another person in the statute, specifying the scope of this entrustment.
The beneficiary of a family foundation may be a natural person or a non-governmental organization conducting public benefit activities, as well as the Founder himself.
What is important, the legislator decided to introduce the minimum value of the founding fund, i.e. PLN 100,000.
A family foundation is a very good solution aimed at protecting and preserving the substance of family assets. It allows you to avoid succession disputes and fragmentation of family assets.
Our team is prepared to implement the solutions provided for in the Act on Family Foundations.