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Can I leave money to a charity in my will?

On Behalf of | Apr 17, 2020 | Estate Planning & Probate

If you regularly give to charity, then it is probably not a question in your mind that you would like to leave something for your favorite charities when you die. You certainly can leave money to a charity in your will, but there is another option that might be more beneficial to your heirs and to the charity.

According to Kiplinger, leaving money to charity can help you save on expenses, such as taxes. This allows you to get more for your money when it comes to dividing it up and ensuring your heirs get an adequate inheritance, too. Plus, considering alternative options is a good way to make sure the charity will get the money. If you leave it in your will, there is a chance for someone to contest it.

Leave it in your will

If you are set on leaving money to charity in your will, then that is perfectly okay. You can do that. Make sure that your intentions are clear, though. State a specific amount of money to bequest and ensure you use the formal business name of the charity. You can also explain what you would like the charity to use the money to do. You may want to consult with the charity if you do name a specific purpose to ensure it can carry out your wishes.

Create a trust

Another option is to create a trust. This is a special account where you put money and name the charity as the beneficiary. The trust will also have a trustee, who is someone you appoint, who will manage the trust after your death until the money disperses to the charity.