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Giving to charity through your estate plan 

On Behalf of | Jan 25, 2023 | Estate Planning |

Estate planning is largely associated with leaving an inheritance behind for your family once you have passed. While this is a fundamental aspect of the process, there is much more to it. 

During your lifetime, you have always made generous donations to charitable organizations. In fact, you’ve been involved weekly in the work of different charities every week. This is a very important part of your life and you would also like it to be a part of your legacy. 

Your estate plan can facilitate charitable giving, even upon your incapacitation. Outlined below are a few things to consider. 

Donating money and property 

A charitable body can be a beneficiary of your will. You can leave behind a donation from your savings should anything happen to you. Also, you have the option to pass property over to the charity upon your death. With the appropriate estate planning tools, you can do this in a way that allows you to use or live in the property until the time of your death. 

Charitable remainder trusts 

Trusts are another useful legal instrument that can assist charities that are close to your heart. One of the most popular and useful forms of trust for these purposes is a charitable remainder trust. Through this document, you can ensure that the charity of your choice receives a yearly income from the trust property. Typically, this needs to be at least 5% of the total trust property value and a maximum of 50%. 

There are so many things you can do with a sound estate plan that it can feel overwhelming. Having legal guidance behind you will help you to understand and create the perfect plan based on your wishes.