How to Leave Your Legacy with Non-Profits Through Estate Planning
Written by Jason C. Henbest, Esq. and Brittany Saxton
Estate plans ensure your legacy continues on to the next generation when you pass. Testators can choose whomever the wish to inherit their life’s assets, both real and personal property. Sometimes, in addition to having dear friends and family members as beneficiaries, an individual will want to give back to a favorite charity that has touched their life in a monumental way. An estate plan allows testators to benefit a charity, while simultaneously encouraging the surviving family members to participate in the joys of philanthropic work.
Individual estates have become a big supporter of non-profit organizations. This does not mean that it is custom to pass significant sums of money upon death. Rather, people have recently become more gracious, and this is reflected in donations left to non-profit organizations – both big and small.
The common misconception that charitable donations have to be large sums of money mostly come from headline news. However, a charitable gift at death is generous in itself, and is commonly expressed in personal values. The most common method of naming a charity is in a Will or Trust, where the organization is explicitly mentioned and receives funds directly from the estate. Another common method of donating to charity is through retirement assets. Finally, there are various charitable trusts that might be appropriate depending on the legacy being left to the charity of your choosing.
Whichever method you choose to donate to charity, it is unquestionable that your legacy will live on with a purpose and a cause. For more details regarding the inheritance process, and how to create an estate plan most attune with your wishes, consult an experienced estate planning attorney, today.
Barnegat Township Attorney| Non-Profits | Estate Plan | Beneficiary