Charitable Giving Through Wills
Estate planning is as unique as the person it’s about, highlighting their wishes and underscoring their life’s passions. And if your passions include charitable giving, it’s possible to ensure those donations continue even after you’re gone. Where there’s a will, there’s a way, and outlining your wishes for charitable giving through wills is one way to accomplish this.
Wills and Charity
A will encompasses someone’s whole life, the entirety of what they’ve built, saved, stored, and loved. Typically, a will includes family members and other kin to inherit finances, property, and heirlooms.
An entity can be named as a recipient in a will, just as a person can. This allows you to direct part of your estate to a charity through:
– A percentage of your estate
– A defined dollar amount
– Specific assets
Selecting a Charity
If you’re new to charitable giving but still want to make a difference, start with what you’re most passionate about in life. Maybe it’s helping children, and perhaps it’s the environment. Find a cause out there that aligns with what you care about and start there.
Once you’ve selected a cause, get in touch with the organization to see how their donation process works. If you’re planning to give more than $10,000, ask if they’re prepared to accept a donation of that size and if there is a preference for how they would receive the gift.
Foundations and Trusts
Outside of specific organizations, you can give to or create your own private foundation to support a particular mission. Community foundations, which are public entities, focus on impacting a specific region by reinvesting in those communities.
And trusts allow a trustee to continue to hold and direct assets for a third party’s continued benefit, determined by you.
Estate planning gives you peace of mind, knowing that your legacy and life’s work will continue to impact the future. Whether you wish to set up charitable giving through wills or just get started on your plan, let our attorneys at Terrazas Henkel, P.C. guide you through the process – schedule an appointment by giving us a call at 406-541-2550.
