Do you have a cause about which you are passionate? Consider donating a portion of your assets to an organization so its operation can continue growing with your financial gift. When preparing your will with your attorney, stress your interest in making a lasting impression on a charity in which you believe.
Leaving behind a gift to a cause is a way to show thanks and remind people of something that was important to you. It also is a great example for your loved ones of how important supporting charitable organizations are to the future of our country and citizens. Don’t be afraid to share your intentions for a donation with your family members involved in your estate planning. They may choose to become volunteers or find they share the same passion as you. Bonding over charitable causes is a great way to build a stronger relationship.
If you are taking the first steps in creating your estate plan and will, the process of adding a charity as a beneficiary is simple. A qualified attorney can help find the necessary information required to include them in your plan. According to the Protective Life Insurance Company, here are a few facts about the charity you will need to know.
- The official name of the charity.
- Its current address.
- The organization’s registered charity number.
These requisites are important to ensure your donation will find its way into the right hands.
Updating an Existing Will
Making changes to your will is easy with the help of a professional. Some experts recommend creating a new will to include your chosen charity. When a new document is developed, a previous will becomes null and void. A codicil is a legal instrument made to modify an earlier will. Adding a charity by utilizing a codicil is typically a simple process.
However, when you make major adjustments such as altering the power of an attorney or renaming a living trust, it can be more economical to simply redraft a will with the new information. Your legal advisor will guide you toward the best move for your changes.