You Can Include Charitable Donations In Your Will

Your will can, and should, include the assets you wish to give to your beneficiaries. But, that is not all: your will should also include the types of charitable donations you wish to make, right after you pass.

Going over the ways in which you can include charitable donations in your will, and speaking with a lawyer, will allow you to donate to the charities you like when you pass away.

What Is A Will? 

A will is a legal document that clarifies the wishes you would like satisfied, regarding your estate, when you pass.

Just as an example, if you would like to give your house to your daughter, then you can clarify this wish within your will, which ensures that your daughter will receive your house.

Your will can, and should, be accompanied by other, more elaborate, estate planning arrangements; an irrevocable trust, for example.

By pairing a will with other estate planning arrangements, you can bypass some of the hurdles that often accompany a will – probate, for example, among others – while also giving your assets a greater level of protection.

Even though the above is true, no matter the estate planning arrangement you choose to develop, a good will is almost  always essential.

Can You Include Charitable Donations In Your Will? 

The answer to the question outlined above is “Yes, you can include charitable donations in your will.”

You can include charitable donations, in your will, by listing charitable organizations as the beneficiaries. And, one example of this is writing that you want to “Give your car to the Miami chapter of Meals On Wheels.”

If you do the above – using the appropriate legal terminology, of course; the above was just a brief example – then the charity you choose to donate to will receive the assets that you would like to give them.

What Types Of Charitable Donations Can You Include In Your Will? 

You can include a wide variety of different charitable donations within your will.

Just as an example, if you would like to donate a specific amount of money, then you can do that, by outlining the exact dollar amount, and which  account it will be taken  from, in your will.

Outside of the above, you can also give a specific percentage of your estate to a charity. Or, in turn, specific pieces of property that you own, such as a car or computer, among many other possibilities.

Are There Any Benefits To Including Charitable Donations In Your Will? 

A couple of different benefits can, and will, arise, if you include charitable donations in your will.

Out of all these benefits, the most notable of which is, of course, that you will have given something to an organization that you love and that, in doing so, you will have helped this organization.

Outside of the above, though, including charitable donations in your will can reduce the federal taxes on your estate.

Speak With A Florida Estate Planning Lawyer Today 

If you would like to include charitable donations in your will, then you can, and should, speak with a Florida estate planning lawyer at the Millhorn Elder Law Planning Group today to receive the help you need.

Sources:

law.cornell.edu/wex/will

law.cornell.edu/wex/irrevocable_trust