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Making charity a part of your estate plan

On Behalf of | Mar 13, 2024 | Trust |

Estate planning largely revolves around leaving assets to your loved ones upon your death. Nonetheless, there is much more to it than this. 

Charity plays a huge part in the lives of many people. If this is the case for you, then you may want to make charitable giving a part of your legacy. You can do this in numerous ways with your estate plan. Here’s how you can make charity a part of your plan

Leave money in your will 

One of the most straightforward ways to give to charity is to leave money in your will. You can do this by naming one or more charities as beneficiaries. However, before doing so, it’s important to ensure that you make clear that the beneficiaries are charities. This can help reduce the amount of estate taxes. 

Also, you don’t necessarily have to leave lump sums of money. You can give property to charity as well as other assets such as heirlooms, art collections and other valuables. If you are leaving a piece of real estate behind, you may be able to set up your estate plan so that you can continue to live in the property for the remainder of your life. 

Charitable remainder trusts 

Another option for giving to charity is to set up charitable remainder trusts. One of the main benefits of these legal instruments is that you can set precise terms. For example, rather than donating a large amount, you can set up the trust so that smaller payments are made over a set number of years. This could help with the long-term sustainability of the charity and it means that your legacy lives on for several years. 

Having access to legal information will help ensure that you establish an estate plan that honors your final wishes.