In the last post, I shared several reasons people often have for not including a charitable bequest in their estate plan. Here are five more reasons people may have for not including this as part of their estate plan along with reasons why a charitable bequest might be a better option than one may realize:
If the organization dissolves, so will my money. Although there is no way to know where any organization or person will be in a decade or several decades, there are options if you are worried that your favorite organization may not still exist in the future. These options include directing your bequest to go to an alternate organization if your first organization is no longer around or to have your bequest go to a general cause.
My children come first. It is important to make sure your children are taken care of. If possible, consider leaving only a portion of your estate to charitable causes. Doing so ensures that your children are provided for and also communicates a powerful statement about your charitable values.
I might need my money. Making a charitable bequest a part of your estate plan means that your money will still be there for you while you are alive. After you have passed and no longer need your assets, they will then represent what you value and how you wish to be remembered.
I don’t know where to give. If you are unsure of what organization to give to, consider taking the time to think over what has inspired you the most, what issues are of greatest concern to you, and if there are specific charities that have helped you or someone you care about. There are many worthwhile causes and organizations out there, and there may be organizations that align with your values that you haven’t yet discovered.
I have to be a millionaire to leave a bequest. When it comes to legacy giving, you can make a bequest in any amount. The organization that receives your gift will be grateful for and cherish this gift no matter the size.
Including a charitable bequest in your estate plan is a great way to ensure that your charitable legacy will continue in a way that aligns with your values.
For help with your estate plan, contact us at Wilson and Wilson Estate Planning and Elder Law, LLC at 708 482 7090 for our main office in LaGrange, Illinois or at 847 656 8958 for our Northbrook, Illinois office.