It’s easy. You can arrange for a gift several ways the most common is through a charitable gift in a will or a living trust. Many people set aside a certain dollar amount. Others leave a percentage of their estate or any assets left over after their family has been provided for. Some people donate something they own, like a car or their home. Others leave a paid up life insurance policy, retirement account or other financial investment.
Everyone can leave a gift. "Estate" is simply a word used to describe any money, property or personal belongings that you may have at the time of your death. Most people leave an estate when they die, even though they may not have a great deal of wealth. Many gifts are less than $1,000.
A charitable bequest will not take effect unless you state your intention in your will or living trust. Without a will, you may lose control over your belongings after death. Your property and finances are settled according to state laws, whether or not they coincide with your wishes.
That is up to you. Charities often like to know in advance so they can recognize your generosity. They can also tell you about specific opportunities for giving.
If you have a professional you're working with like a financial planner, lawyer, accountant or insurance agent, please talk with them about leaving a gift. A professional can tell you about the tax benefits of planned gifts. If you do not have a relationship with a professional, please call Decatur Legacy program at The Community Foundation of Decatur/ Macon County, 217-429 -3000. You can also call the non-profit organization of your choice directly for assistance.