Many of my clients include charities that are important to them in their wills. The New York Times has a recent article about how other are including charities in their estate plan as well.
“This situation is more and more prevalent,” agrees Kevin Pickett, executive director of development at MD Anderson Cancer Center in Houston.
“Many people come to us to make a donation as a life stage decision,” Mr. Pickett adds. “They’ve had a cancer diagnosis, or a friend or family member has. A retirement, divorce or new job can also prompt people to reflect on their legacy. What are we going to do with all this stuff we’ve accumulated in our lifetime?”
If you are thinking of leaving something to a charity, do your best to be familiar with them before including them in your Will. For instance, if you want to leave something to a charity that deals with a certain type of cancer, don’t just google “cancer charity” and pick the first one that comes up. Consider their record, the type of work they do, and how the money is used. You may find that donating directly to the cancer research department of a hospital that helped a family member makes more of a difference. Or maybe you received help from a charity during your life and want to give back to them.
If you want your gift to be used in a specific way, you should talk to the charity first to make sure the directions or bequest will not hinder them. I always call the charities that my clients are donating to (not mentioning the client’s name, of course) to review the language that I am considering including in the Will and find out if they have additional specific requirements. Some development officers (the people who manage donations) will offer to meet with the client to clarify their wishes if they are leaving money for a scholarship or other more complex gift.
Most charities also have planned giving societies, where, if you wish, you can be recognized for your bequest and meet with others who also find the organization’s work important. The recognition of donors can often induce others to give to the charity as well or at least get them thinking about it.
Leaving something to a charity that matters to you can be a nice way to continue supporting it even after you are gone.
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