Donating to a Charity Post-Mortem
It feels good to help others. Whether you donate your time or money, helping a charitable cause is a good way to help those in need. It is not uncommon for altruistic individuals to leave some sort of charitable donation within their estate plan. Donating to a charitable cause upon death is a way to leave a positive legacy.
Choosing A Charity
Many people choose a charity near and dear to their hearts. Common choices include charities associated with a terminal illness, religious charities, or a non-profit that helped you in some way throughout your life.
Donating Money through Your Will or a Trust
When creating or editing your Will, you can set aside monies to be given to different individuals or entities. This includes donations to a charity of your choice. Additionally, you can establish a Trust for the charity. Trusts pay out funds over time, and may even collect interest. Because of this, Trusts can leave a lasting impact that continues to assist the charity long after your passing.
Naming a Charity as a Beneficiary
Beneficiaries to your estate are often loved ones, but charities can also be included as well. This allows individuals to leave assets to the organizations. This can include stocks, real estate, insurance policies, retirement accounts, and more.
Some families choose to request donations in addition to or in lieu of flowers. When planning your estate and funeral plans, you may want to decide which charities should receive these donations. When making a record of this request, be sure to use the formal name, address, and website of the charity. This way, donations aren’t made to the wrong place. You may also want to set up a dedicated fund, to ensure that all donations go to the right charity.
Discuss Plans With Your Estate Planning Lawyer
It is always important to discuss any changes to your estate plan with a qualified and professional estate planning attorney first. They will be able to help you establish plans that make financial sense for you and your family while honoring your wishes. It is also important to discuss major changes to your estate with loved ones, so it doesn’t come as a surprise to them after your passing.
Matthew Funeral Home does not provide legal or financial advice via articles. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for legal or financial advice.
For over 50 years, Matthew Funeral Home has been serving the Staten Island community. We can help with almost every aspect of your loved one’s memorial service. Our family is here to serve yours, every step of the way.