Alternatives To Leaving Money To A Charity In Your Will

If you have been thinking about your funeral planning options, you may have thought about leaving money to a charity in your will. This can seem like a good idea if you are passionate about your charity of choice, and it can be a noble option. However, there are some great alternatives to leaving money to a charity in your will. These are some of the other options that you may want to look into.

Donate Each Year

Instead of just designating some of your assets to be donated to a charity when you die, you could always consider donating a small percentage of these assets each year. This can be a good option for a few reasons; first of all, it could be tax deductible, although you will want to talk to your accountant or tax preparation professional first to get the details. Plus, then the charity will get much-needed funds now, so you can help the organization grow.

Start a Charitable Trust

Even though some charitable trusts are actually conjoined with funds that other donors contribute, this does not have to be the case. You can actually set up your own charitable fund, and you can then designate the money to go to the charity or charities of your choice. You can opt for lump sum payments, or you can offer an income stream so that a certain amount is donated each month or year. 

When setting up a charitable trust, you can actually set up a "split" trust. With this type of trust, you can choose to have a certain amount of money taken off of the top and given to the charity of your choice, and the rest can go to your beneficiary, such as your adult child. You can also do things the opposite way, in which money is given to your adult child, and then any money that is left over is given to your favorite charity. This can be a good way to make sure that your loved ones are taken care of while also focusing on charitable giving to the organizations of your choice.

As you can see, you do have alternatives to simply leaving money to a charity in your will. These are a couple of options that you might find to be better but that can still leave money to your favorite organization. Before making any arrangements, however, it's a good idea to talk to a professional about your options; then, you can choose the one that works best for you. Contact a legal firm, like Klotz Jean Law Office Of, for more help.