Retirement - let the experts help you

What To Do After A Dishwasher Leak

Your family aren't the only ones you should think about when you're writing your will. A large number of people are leaving substantial portions of their assets to charities in their wills. This has many advantages including ensuring that you can make a vital contribution towards a cause or charity that is close to your heart.

However, there is more to giving to charities than simply including them in your will. When you do things the right way, there can be additional benefits in leaving something to charity and you can also help avoid some confusion when you pass on.

Work with an Attorney

One of the main benefits of leaving something to charity is that the remainder of your estate can qualify for a lower tax rate. This can be very good for the other beneficiaries in your will. However, the rules that determine what you need to give to charity and what time are not very straightforward. It's a good idea to have an estate planning attorney to advise you on how to handle your assets.

Explain Your Decision to Your Family

If your family isn't entirely on board with your decision to leave some or all of your assets to charity, they could easily challenge the will once you've passed on. Such disputes can deprive the charity of their benefits or undermine the spirit with which the assets were being given to the charity. To reduce the possibility of disputes, explain to your family members why you're leaving your assets to the charity.

Choose the Charity with Care

If the charity indicated in your will has merged with another charity or has been wound up by the time you die, it can be a little complicated to pass on the benefits. To avoid this, instead of mentioning a particular charity, you can simply state what you'd wish your donations be used for. This will allow the trustees to decide the right organizations to give the benefits to once you die.

Have a Backup Charity

If you feel you must leave the assets to a particular charity, you should also include a second and third backup. This will make things easier in case the first beneficiary is unable to receive the assets for any reason.

Be Clear About the Recipient

Even an incorrectly spelled name can complicate matters once you're dead. Be very clear about the charity you're leaving your assets to by including details such as their registration number and address.

Contact an estate planning service for more help.


Share