Charitable giving could involve leaving money or physical property to a specific non-profit organization. Some people want to create scholarship funds, while others might want their loved ones to transfer some of their property to a religious organization after their passing.
Unfortunately, the people expecting to inherit from an estate may take issue with attempts to leave money for charitable causes, which could reduce what they inherit. How can testators with charitable intentions achieve their goal of leaving money for a cause close to their hearts?
There are many solutions available
The simplest way to add charitable giving to an estate plan is to name a church or cause as a beneficiary of the estate in a will. However, wills are vulnerable to challenges in probate court.
As such, individuals concerned about their loved ones potentially contesting their wishes may want to fund a charitable trust. Funds set aside in a trust can provide long-term support for charitable causes, scholarship funds and even religious institutions.
Other times, testators might leave instructions to transfer physical property to a charitable cause by donating it directly to an organization. They could even leave instructions to sell their personal property not bequeathed to specific beneficiaries at an estate sale and for their personal representative to donate the proceeds of that sale to a specific organization or cause.
The nature of an individual’s property and their other legacy intentions can influence the most effective way to integrate charitable giving into an estate plan. The assistance of an attorney can help make it easier for people to support nonprofit organizations and other charitable causes posthumously.