Many of us like to be as charitable as we can throughout our lives, although this can take very different forms. Those who don’t have a lot to give can find comfort in setting up small monthly donations and putting spare change in charity tins.
Those who are more fortunate may write out larger checks with their profits. Some will spend a couple of hours a week volunteering instead or taking part in fundraising activities. It’s all an attempt to give something back while we’re alive. But what happens after we’re gone? How can we give one final gift to a deserving charity?
Planned giving could be the answer to all that. It lets us create a clause in our will so that in the event of our death, a chosen charity will receive a portion of our money. These legacy gifts can be win-win situations when creating a will. If you have no immediate close family or simply want to tie up loose ends, this approach means that your money goes the right way. Who is more deserving? The son of a distant cousin you deliberately don’t talk to or a charity you’ve supported for years? Giving the money to charity is rewarding and could make a big difference to their future. The question now is, which charity should you choose? Let’s break the choices down into 5 categories to help you out.
A Charity You’ve Supported For Years
This one may be the most obvious choice when setting up a planned gift in your will. Many of us will have charities close to our hearts that we donate to regularly. It could be as little as a couple of dollars a month on a standing order or large donations throughout the year. Either way, we feel good knowing that we’re regularly contributing to their work. The scale of the organization doesn’t matter either. If you’re someone who favors animal charities, a local wildlife hospital or dog shelter could be as vital a lifeline as a global organization. Planned giving is the next step in that ongoing relationship. You can work directly with that charity to set up a legacy gift in a will, knowing that it will go towards valuable work long after you’re gone. Some worry that planned gifts aren’t impactful enough if they aren’t used until decades after their creation. Still, this approach means it’s just a parting gift on top of a lifetime of support.
A Charity That’s Important To Your Loved Ones
An alternative approach when picking a charity is to choose something meaningful to someone else. A main focus of many wills is the descendants we leave behind. We want to make sure everything is in order with our finances and estate so they have the best support possible. We determine who gets what share of the money, who gets the property, and who gets any other valuable items. So, if we’re planning for a situation that, hopefully, won’t happen for decades, maybe it’s best to focus on their interests. They are the ones who will actually get to see the planned gift donation reach its recipient and benefit people. What choice could you make to ensure that’s even more rewarding for them? For example, your first instinct could be to give a legacy gift to an animal charity. But what if your child is passionate about helping out at a local homeless charity or youth center? Maybe the gift should go there to support the charity and your child?
A Charity That Supported You In Your Life
These legacy donations are also the perfect opportunity to give back to an organization that had an impact on your life. Going back to that idea of the homeless shelter or youth center, maybe you benefited from that sort of support at one point. Anyone who experienced hardship in their lives and bounced back knows the value of being able to pay things forward later on. Even if it’s an experience you struggle to talk about now, creating a fund through planned giving is a personal and private way to show some gratitude.
A Charity That Supports You When Facing Death
Many donors consider planned giving when creating a will as a proactive step just in case the worst happens. It’s better to have every aspect of your finances and beneficiaries covered in advance. However, there are situations when these wills become a more urgent necessity. A terminal diagnosis is devastating for all concerns and difficult to come to terms with. Yet, you should put all your affairs in order while you can. Some in this situation will feel inclined to leave something through planned giving for those supporting them through the situation. It could go towards the hospital or hospice caring for you and making things easier to handle. It could go towards the charities supporting your children or spouse through their trauma.
A Charity That Can Help Others In Your Situation
Then there are the charities that can help other people going through the situation you’re in. Whether you’re dealing with a terminal illness or something that should end in a full recovery, you’ll need plenty of support. There’s all the trained staff dealing with your procedures, care, and therapy. Some charities make it possible to have therapeutic aid, home adaptations, and financial support. There are also all the organizations researching diseases and conditions to improve treatments and find cures. A legacy gift to any of these could make a massive difference. Whether it happens within months to help stop further deaths or within decades to allow for future development of therapies, it all counts.
Choose The Charity That’s Right For You
The most important thing to remember here is that this has to be your choice based on your personal feelings. You can choose a charity that will benefit the people you love and tie in with their beliefs, but they can’t coerce you into choosing something. You also should choose a charity if you feel they’re getting too pushy about legacy gifts. Think about the most rewarding way you can use planned giving to make a difference once you’re gone. Do something you know you can be proud of.