Rogers County Charitable Donations in Estate Planning may be an important part of your estate plan. It’s not uncommon for a person to leave a donation to charity in their will.  Over 16 million Americans leave a charitable donation each year.  Under law, you can ensure you leave a donation in your will too.  This article will explain the possible ways to do so.

Leaving a Charitable Donation

Charitable Donations in Estate Planning often involve donations to children. If you are wondering about leaving a charitable donation after you pass, then you likely have thought about your estate plan.  There are several ways you can create an avenue for charitable donations in your estate plan.

You may use a trust.  This will allow you to earmark the money for a specific purpose in the charity.  It gives you some control over how the money is spent and what it will benefit.  If the charity accepts your donation, they are obligated to follow the parameters in the trust. See Title 84 §14.  However, the parameters cannot be outrageous or illegal.

Lump Sum Donations.  However, if you do not want to go through the steps of setting up a trust, you can designate a lump sum to a specific charity.  This will be a one-time donation, and it does not have parameters by which you can dictate the flow of the money.  You may set it aside for a certain purpose, but that is all.  The charity will then be able to decide how and when to spend the money.

Family Foundations.  For families and individuals with an estate over $5.4M, you may consider setting up a family foundation.  This can be time consuming and costly, but it can also leave a legacy.  For example, the Flint Family Foundation of eastern Oklahoma is in place to specifically benefit arts, education, health, and human sciences.

WILL OR TRUST NOT IN WRITING?  IT MAY BE A HOLOGRAPHIC WILL.

How to Leave a Charitable Donation

In order for your charitable donation wishes to be definite, you need a writing.  A Will or Trust document specifying the specific charity as beneficiary is sufficient to accomplish this.  If you simply state that you prefer an amount of money to go to a charity, but do not write it in your official documents, then the courts likely will not honor the charitable donation.  This is why it is important to use an official document when making your donation.

Estate Representation

Most people recognize the importance of signing a will in an attorney’s office.  But, not everyone understands how to set up and complete a proper will or trust document that will stand in court.  If Charitable Donations in Estate Planning are what interest you we highly recommend you use an Estate Planning attorney in Rogers County.  We offer free consultations.