Leaving Gifts To Charity in a Will

Leaving gifts to charity is a gratifying way to give back after your death while also potentially benefiting from tax relief on the final value of your estate. There are so many reasons to donate to charity in your will. It costs you nothing now, it is a great way to give back, and it is probably the most significant donation you will ever be able to make.

However, before you consider leaving any money or property to a charitable organization, it's essential that you first take into account the following steps.

Step 1: Identify what you want to donate.

The most common way to donate to charity in a will is to leave behind money, but most people don't realize that you can also donate other assets. This includes the following:

1. Personal property: cars, jewelry, artwork, etc.
2. Financial assets: cash, stocks, and bonds
3. Real estate: land and buildings

Another option to consider is naming a charity or non-profit as a beneficiary for a Roth IRA, life insurance policy, and other non-probate assets. You can contact Luis E. Barreto & Associates, P.A., a top probate administrator in Miami, to learn more about this.

Step 2: Identify which charities you wish to give to.

As mentioned above, the most common way to leave a gift in your will is through money. When it comes to money, you can choose which organizations you want to give to.

You might consider organizations that align with your values. For example, if you are interested in environmental protection and conservation, you might donate to an organization like The Nature Conservatory. There are multiple charity organizations dedicated to protecting animals, supporting families in need, fighting hunger worldwide, and so on.

When choosing a specific organization, you can also narrow the list down by thinking about the scale. There are three main kinds of organizations when it comes to scale:

Local organizations:

Many local organizations provide valuable resources and services for those in need within your local community.

This will be a good option if you have a connection to a smaller community or neighborhood.

National organizations:

National organizations provide numerous benefits to those in need across the entire country. Some national organizations also have local chapters that operate in your local community.

This will be a good option if you want to contribute to a cause that is specific to a specific nation.

International organizations:

International charities like UNICEF and Feeding America help those in need all around the world.

This will be a good option if you want to primarily contribute to causes outside of your country.

A side note is that you should be sure to research the charities you are interested in donating to be sure that they will use your money in the right way.

Step 3: Name the charity as a beneficiary in your will.

This is the most critical step for avoiding confusion and lawsuits. The Law Office of Luis E. Barreto & Associates, P.A. has seen many cases of a will contest in Miami due to ignoring essential elements like these.

So, once you have identified the charity you wish to support and have finalized your gift amount, the next step is to add them as a beneficiary in your will. You can typically name any number of charities and specify the percentage of your final estate value that you wish to divide up between them.

You will need the following information from each charity:

• The organization's full name
• The street address
• Employer Identification Number (EIN)

If you want to donate to a specific local chapter of a charity, it is vital to use the EIN from that specific EIN.

You should also decide what kind of beneficiary the charity will be in your will. You have three options for this:

Primary beneficiary: A primary beneficiary is simply an organization or a person who will receive the assets you leave them.

Secondary beneficiary: A secondary beneficiary is next in line after your primary beneficiaries. This is the organization or person who will receive assets if your primary beneficiary passes away.

Residuary beneficiary: A residuary beneficiary is an organization or person who will receive any assets for which you do not assign a beneficiary.

Conclusion

If you intend to leave a gift in your will, you should keep the above tips in mind. For more help with this process, get in touch with the Law Office of Luis E. Barreto & Associates, P.A., for an expert probate administrator in Miami. We can help you avoid a will contest in Miami by taking steps to set up your will correctly.