You drafted a will a year ago and it takes into account your spouse, children and other family members. You’ve even considered your closest friends. The people that matter to you most will be secure, no matter what happens in the future.
However, a large part of your life has been designated to charitable causes. You’ve always given back to the community in any way that you can. Can you ensure that this continues should you suddenly become incapacitated? In short, the answer is yes. Outlined below are some key ways you can make charitable giving a part of your estate plan.
Leaving assets in your will
One of the simplest ways to donate to charity should you become incapacitated is to name them as beneficiaries in your will. You can leave cash sums behind, or even property and other assets. If you intend to make use of the property until the day of your passing, someone with the appropriate knowledge can also help you to set this up. This way, you get to enjoy the property and the charity will still reap the benefits should you become incapacitated.
A charitable remainder trust
While estate planning is commonly perceived as something that only applies post-death, this is not the case. Your estate plan can assist your charitable cause while you are still living. A charitable remainder trust allows you to make tax-free donations while you are still alive.
It’s important to remember that estate planning documents can be flexible and multifaceted, covering a range of issues that are close to your heart. If you have any questions as you plan for the future, make sure you seek guidance from someone with knowledge in the field.
