Home You Can Help Giving Through Your Will

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Leaving a legacy to future generations is a rewarding and noble act. For each multimillion-dollar charitable bequest you've read about, countless smaller ones are arranged by people of all means, in all walks of life.

The best way for you to make a charitable bequest through your will depends on a number of factors, including your assets, family considerations, and number of charitable interests. A few of the most commonly used methods are introduced here.

Giving a specific amount
Stating a dollar amount to be given in your will offers certainty as to the amount that will ultimately be put to charitable use. If you plan to update your will regularly and you are certain that funds will be adequate to satisfy charitable gifts along with other legacies, then giving a specific amount may be a good option to consider.

Giving a specific property
When you know that a charitable recipient needs a particular item or asset to further its long-range goals, you may want to bequeath a specific piece of property.

Be sure to check with the intended recipient to make certain the asset you wish to leave can be put to its best use.

Keep in mind that if you sell or otherwise dispose of the asset during your lifetime, you may unintentionally "disinherit" your charitable interests. Therefore, it is important to make contingent provisions in the event the property you have bequeathed is no longer among your assets.

Giving a percentage
If you would like to establish a definite relationship between your charitable and non-charitable legacies, consider the idea of giving a percentage of the assets passing under your will to charity. This way, your charitable dispositions will automatically adjust with fluctuations in the total amount of your estate.

All or part of "what's left"
Safeguarding the interests of your family and other loved ones should always come first in your estate plans. If you are not comfortable bequeathing a specific amount or percentage of your assets to charity, you might wish to provide for a gift from the "residue," or "what's left," after specifically providing for your loved ones.

In this manner you can assure that others receive what you would like them to have before any assets are distributed for charitable use.

You may provide that all, a specific amount, or a percentage of the remainder of your estate shall pass to charitable interests.

Taking care of survivors first
In addition to the charitable giving bequest options briefly described, you may arrange for the assets left through your will to be used to provide support for a surviving spouse or others before any distribution to charity takes place.

A variable income
Through a number of planning tools, you can arrange to retain an income from your assets for a surviving spouse or other person. The income may fluctuate with the performance of the assets each year. At the death of those receiving income or at the end of some other period of time you determine, all or a portion of the assets passes to charity.

You can leave the remainder of a marital or family trust to charity. Or you may use a number of other options (more information is available upon request).

A fixed income
If you are concerned about the future earning capabilities of your assets, you can retain a fixed income for loved ones through a well-planned will, while providing for an eventual charitable gift.

Whether you select a fixed or variable income plan, it may also be possible to provide that the corpus of the plan be available to you in the event of emergencies, if necessary.

Tax benefits
If your estate will be subject to federal and/or state taxes, remember there is no limit to the amount that can be left to charity and deducted from your estate. Some of the plans that include income to a survivor with an eventual charitable gift also feature tax benefits. Ask your advisor for more information.

Gifts from other plans
If you plan to rely on revocable living trusts, retirement plans, life insurance policies, or other methods in addition to your will to transfer your estate, remember that charitable gift opportunities exist through those vehicles as well. The tax advantages can be comparable to those available from a gift through your will.

Reviewing your plans
If having a will and estate plan is key to accomplishing some of life's most cherished goals, keeping your arrangements up to date is equally important. After all, your plans can only reflect your desires at one point in life. As relationships and circumstances change, so should your plans.

Estate planning experts suggest regular reviews about every three years or whenever a major event occurs in your life. (births, deaths, drastic changes in wealth, etc.)

To review your will, see your attorney. He or she can tell you if laws have changed that might suggest a change in your plan.

A gift from your estate, whether through your will or other estate planning vehicles, can only be made if you plan ahead, and often, very simple plans are all that is required. We will be pleased to discuss with you ways in which we can help you meet your charitable goals. Please call Ken Hanson at (757) 427-1500.