April 12, 2018
The most common method of making a charitable gift from one’s estate is through a testamentary bequest from a will or a revocable (living) trust. In addition to ensuring that your wishes are documented and will be used for the charitable purpose you intend, a gift made using this method also removes the designated assets from your taxable estate at death.
In order to create or modify a will or revocable (living) trust, you will need the assistance of an estate planning attorney, so unlike with beneficiary designations, some expense is involved. It is advisable for most everyone to have at least a simple will in place so that your property may be distributed as you wish at death. In cases where persons die intestate (that is, without a valid will or revocable (living) trust) the court makes the determination as to who has the right to receive your property. You have the ability to make these decisions yourself during life, to include making charitable gifts from your estate, by creating an estate plan. For most people, a will is all that is needed to ensure gifts to heirs and to charity, but for some a revocable (living) trust, which avoids probate and is more private, may be preferable. Your attorney can advise you on what is best in your situation.
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