Estate planning is often thought of in terms of providing for your family should you become incapacitated. While this is certainly the case, there is far more to the estate planning process than that.
Have you always tried to give back to the community throughout your lifetime? If so, you can make this a part of your legacy too, and here’s how;
Naming charities in your will
On top of naming specific people as beneficiaries in your will, you can also do this with charities. Whether you have savings or other valuable items, your will can include instructions that state the charity of your choice should inherit something.
Charitable remainder trusts
Estate planning is frequently perceived as a morbid topic that centers around death. It is often overlooked that estate planning can also take care of your needs and wishes while you are still alive. A charitable remainder trust is one example. Through this instrument, you can make tax-free donations to your chosen charity.
What about your property?
Another option you may want to consider is how your property portfolio can benefit charitable causes. With the appropriate guidance and tools, it may be possible to donate a house or other real estate to charity, while still retaining use of the property for the remainder of your life.
Estate planning gives you the opportunity to provide for your family and other causes that are close to your heart. As you make plans for the future, make sure you’re fully aware of your legal options.