funeral planning
How to make a charity a beneficiary
Giving to charity can be a rewarding endeavor that makes a difference in the lives of people in need . Many people donate throughout their lives , and some people may want to impart a more lasting legacy by continuing to support a charity even after they have passed away .
Incorporating a charity into an estate plan is a great way to continue giving after you pass away . Individuals may not know how to make charities beneficiaries in their wills . A financial planner , attorney or accountant can answer the more complex questions individuals have about naming charities as beneficiaries in a will . In the meantime , this general guide can serve as a solid foundation for individuals who want to give back in their wills .
Most people think of beneficiaries as loved ones , but a beneficiary can be any person or entity one chooses to leave money to , including nonprofit organizations . It ’ s relatively the same process to name a charity as a beneficiary as it is an individual . According to the resource Trust & Will , first identify the charity that will be supported , including getting its Employer Identification Number or Taxpayer Identification Number . Next , determine which type of gift to make , which may be a predetermined financial contribution , a gift of property , or other assets like stocks . For large donations like real estate or cars , it may be best to contact the charity
in advance to ensure they are able to accept such gifts . Finally , be sure to include your wishes in an estate plan . A qualified attorney can help clients draft a will that spells out their wishes in detail .
Keep in mind that charities also can be named as beneficiaries on life insurance policies or individual retirement accounts . They also can be listed on bank accounts . Again , people are urged to discuss all options with estate planners to ensure their plans fully reflect their wishes .
When naming a charity as a beneficiary , it can be wise to inform family members and other beneficiaries so no one is caught off guard upon your death . This way the charitable gift is not held up by delays in executing the will .
Make Your Important Decisions Now .
When a friend or family member dies , it is not the time to understand and compare funeral costs . The time is now ., before the need arises . You may be surprised with all the decisions that need to be made and what the pricing can involve . Take this opportunity to carefully consider your option and review all of the important advantages of making your arrangements now .
Why Leave Decisions to Your Loved Ones ?
Waiting Costs You More - Save money when you freeze your price forever . Avoid inflation and all future price increases . Affordable Payment Plans - Available for everyone , regardless of health or age . The cost of a funeral may be more than you think . Be Smart - You decide now exactly what type of arrangements you want and can afford . Discuss your options in a calm , rational manner . Don ’ t leave it to others . Because You Love Your Family - Remove the possibility of emotional overspending from your loved ones during a difficult time . It ’ s now a responsibility best left to grieving family
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