Will Your Estate Follow Your Charitable Intentions? - Rodgers & Associates

Will Your Estate Follow Your Charitable Intentions?

We often neglect managing our chari­table inten­tions when final­izing estate plans. It is often assumed our family members will know what we want done. Are there chari­table organi­za­tions you want to support through your estate? Outlining your chari­table inten­tions in your estate plan is an important first step toward protecting your chari­table invest­ments and documenting what is most meaningful to you.

Do you have a foundation or a donor advised fund? Those you choose to succeed you as fund advisor or trustee to the entity need to be prepared. Are the funds to be dispersed in a short period of time, over a set number of years, or is your giving to be in perpe­tuity? Your trustees will also need to know what the parameters or guide­lines for giving are, and why this is important to you. Create giving guide­lines they can easily follow and discuss your objec­tives with them. Attach the guide­lines to your estate plans as an exhibit. If you have a foundation, incor­porate them into the minutes as policy for the board and future trustees to review.

Use chari­table giving to bring members of your family together. It is a great way to get the next gener­ation working together and to teach them about philan­thropy. Start by figuring out if they even want to be involved in perpet­u­ating your chari­table giving. Do they have philan­thropic interests of their own and is this something you want to include in your guide­lines for giving?

Philan­thropy is one of the ways in which you can pass down your values from one gener­ation to another. Chari­table giving can bring together the family gener­a­tions when there is a clear under­standing of your objec­tives. Don’t neglect this important part of your estate plan. Provide direction and set up guide­lines to insure the legacy of giving you intended is realized.