Remember the Charities That Reflect Your Values in Your Will
A will is often discussed as a way to decide who will receive your property and take care of the people who depend on you. It can also carry your values forward. If charitable organizations have helped shape your life or your community, a gift in your will can support their work after your lifetime.
For many people, the hardest part is not deciding whether they care about a cause. It is figuring out where to begin. Try thinking about the handful of charitable organizations that matter most to you. Five is a useful place to start.
Think of your handful.
Your list might include a religious congregation or faith-based organization; a college, school, or scholarship fund; a hospital or other healthcare organization; an animal shelter, wildlife group, or conservation organization; and a social service organization that helps people in your community. Your own list may look different. It might include an arts group, a food bank, a veterans organization, or a local nonprofit whose work you have seen up close.
The point is not to fill five slots or divide your estate evenly. The point is to make your values easier to name.
Ask yourself: Which organizations would I be glad to see continue their work? Which causes have been part of my family’s story? When my trusted adviser asks you to name the handful you most want to remember, which names will come to mind?
Start the conversation
That simple question can help make an estate-planning conversation more personal and more concrete. A lawyer, financial professional, or family member might ask, “What are the handful of charitable organizations you would want your will to remember?” The answer can open a thoughtful discussion about what matters to you and how you want your resources to be used.
You do not need to know the final amount or legal wording before having that conversation. You can begin with the organizations and causes. Then, with your estate-planning attorney, you can consider whether a gift should be a stated dollar amount, a percentage of your estate, or a share of what remains after other gifts and expenses. The right approach depends on your wishes and circumstances.
Make the gift clear and workable
If you decide to include a charitable gift, confirm the organization’s correct legal name and current status, and make sure the gift can be identified clearly in your estate documents. Some organizations have staff who can answer questions about planned gifts, but your attorney should prepare or update the will and advise you on its terms.
Also review assets that pass outside a will, such as retirement accounts and life insurance policies with beneficiary designations. A will generally does not control those assets, so beneficiary forms and other estate documents may need to be coordinated.
A gift does not have to be large to be meaningful. It should fit alongside the needs of the people you are responsible for and the other plans you have made. Your wishes may also change, so revisit your documents after major life events or when your priorities change.
A legacy that begins with five names
You may already give, volunteer, or speak up for organizations that reflect your values. Remembering one or more of them in your will is another way to support that work. Start with a handful: five organizations, or simply five causes. Naming them can turn a broad intention into a conversation and that conversation can help you decide what kind of legacy feels right for you.
The article is meant for informational purposes only. Please contact me directly to discuss how this applies to your individual tax situation.