After Lifetime Gifts

Bequest through Will or Trust

The most common way people give to charity after their lifetime involves making a gift through a will. It is estimated that less than half of the families in America have wills in place. Not having a will or living trust can lead to serious problems for your family when you pass on. In that case your assets will be distributed according to state law, which may or may not be in accord with your wishes. Plus, even if your assets end up being distributed as you wished, if you don't have a will or trust your family may experience unnecessary difficulties and delays in getting access to the assets.

Once a will or trust has been created, it is critical that these documents be updated as your circumstances change. There are many examples of life changes that require changes in your will (or trust).

Some of these life changes include moving to a different state, getting married or divorced, having a child, changes in your financial situation, retirement, changes in the tax laws, etc. if you haven't updated your will (or trust) in some time or if you or your family has experienced these types of changes you need to update your will (or trust). This can be a good time to consider making bequests to your favorite charity or charities.

Making gifts to charity through your will is an important matter that you should consider carefully. Then, you will want to meet with your attorney to update (or create) your will. There are numerous ways to make bequests:

You can leave a certain dollar amount to a charity. If, for example, you state in your will that you want to leave $50,000 to charity yet that amount isn't available in cash, assets will be sold in order to guarantee that your wish is fulfilled.
You can donate a specific percentage of your estate to be given to charity. For example, if you state that 25% of your estate is to be donated, and the estate is valued at $200,000, the charity would receive $50,000.
It is also possible for you to specify that a certain amount of money will first go to family members or others, with the remaining money going to charity. You might state that $100,000 is to go to each of your children first, with any remainder going to the charity of your choice. If you had 3 children and your estate was valued at $350,000, the charity would receive $50,000 after your 3 children each received $100,000. A variant of this approach would be to first give each child a certain amount, followed by a gift of a specific amount to charity, and then have any remaining assets split between the children or others.

These examples illustrate the flexibility available to you. It is important to take the time to determine how you want your assets distributed and how to best accomplish your goals. Your attorney can advise you and prepare the necessary documents to meet your needs. You will spend a lifetime building an estate, and with a small investment in time and money you can make sure that what remains fulfills your most valued goals.

Please note: The information on this site is not intended as legal, tax or investment advice. For such advice, please consult a professional advisor of your choice

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