Have you ever wanted to change the world in some way? Do you want to make the world a better place for your children, grandchildren, and future generations? As a champion of a particular cause, you might wish to have your dedication and commitment to that cause memorialized forever. By making a will bequest to a charitable organization, you can accomplish all of these things. Charity giving is a generous and popular way of allotting part or even all of your estate to a noble cause, ensuring that your assets will continue to help future generations and thereby allow you to leave lasting a legacy that will live on for many years to come.
How to Donate to Charity through your Estate
There are several different ways to make a will bequest to a charitable organization. The most basic is the outright, also known as the specific, bequest. This type of bequest is the donation of a certain, predetermined sum of money or a particular item or items of property, such as real estate.
Another way to donate is through a residuary bequest, one in which the remainder of your estate is given to charity after all of your specific bequests have been distributed. This is perfect if you want to both donate to charity and also make sure that your immediate friends and family are taken care of in your will as well.
A third type of bequest is the contingent bequest, which is transferred to another beneficiary if the original beneficiary has deceased. This type of donation is perfect as a back up plan. Even if you’re not 100% committed to leaving some or all of your assets to charity, instead wishing to make sure that your survivors receive the fruit of your life’s work, you can name a charitable organization as a contingent beneficiary. This way, in the unfortunate event that your loved one might not be alive to receive their bequest from you, the bequest would not be put to waste, misused, or squabbled over. Instead, it would go on to benefit a good cause—not just any cause, but the cause of your choice—and thus allowing your legacy to live on.
There are all kinds of assets that can be bequeathed to charity in your will. Aside from cash assets and real estate, you can pledge stocks, mutual funds, and life insurance policies.
In addition to the fulfillment of helping those in need, your charitable bequest brings financial benefits as well. As with most charitable donations, these bequests are tax deductible. By making a will bequest, you can enjoy your assets during your lifetime and also live with the peace of mind that they will benefit others in the future.
You want to make a will bequest to charity, but aren’t sure where to start?
The Volunteers of America of Greater New Orleans would be a great organization to consider for a will bequest to charity. VOAGNO is one of the most diverse, venerable, and deeply rooted charities in the New Orleans area. Touching the lives of over 63,000 needy residents in 16 parishes, a will bequest to this organization allows your legacy to live on right in your own community, helping make the world a better place for your own family and friends. Not sure about all the legal mumbo jumbo required in distinguishing your bequest? No problem. VOAGNO offers tips and templates for crafting the statement of your bequest. For more information, visit voagno.org or call (504) 482-2130.