When most people think about writing a will, they focus on providing for loved ones, family, close friends, maybe a beloved pet. But one meaningful way to extend your legacy is by including a charitable gift. Whether you’re passionate about education, environmental conservation, health research, or your local community, a bequest in your will allows you to support the causes you care about long after you’re gone.
What Is a Charitable Bequest?
A charitable bequest is a gift you leave to a nonprofit organization or charitable cause through your will or trust. It can be a specific dollar amount, a percentage of your estate, a piece of property, or even what remains after other distributions are made.
It’s one of the simplest and most flexible ways to make a lasting impact—no need to change your lifestyle now, and you maintain full control of your assets during your lifetime.
Why Make a Charitable Gift in Your Will?
1. Extend Your Legacy
Leaving a charitable gift in your will ensures that your values live on. Whether it’s funding scholarships, advancing medical research, supporting underserved communities, or protecting the environment, your contribution becomes part of something bigger than yourself.
For many, it’s a way to reflect the causes that shaped their lives—like giving back to a university, honoring a loved one lost to illness, or supporting a local arts program.
2. Support the Causes You Love, Without Affecting Your Current Finances
You don’t need to be wealthy to leave a meaningful gift. Since charitable bequests are given after your passing, there’s no financial impact on your day-to-day budget. You can give as little or as much as you want, and even a modest gift can make a significant difference to a small organization.
3. Reduce Estate Taxes
In some cases, charitable gifts can reduce the taxable portion of your estate, which can mean more of your assets go to both your loved ones and the causes you support. While estate tax laws vary depending on your location and the size of your estate, charitable giving is often a strategic part of tax planning.
4. Set an Example for Future Generations
Including philanthropy in your estate plan can inspire your children, grandchildren, and community to think more intentionally about giving. It’s a way to model generosity and purpose—and to leave behind more than just financial wealth.
How to Add a Charitable Gift to Your Will
- Choose the Charity or Cause
Select one or more organizations that align with your values. Be sure to use the charity’s correct legal name and tax ID number to avoid confusion. - Decide the Type of Gift
You can leave a specific dollar amount, a percentage of your estate, or what’s left after other gifts are made (a “residuary bequest”). You can also leave property, stocks, or even life insurance. - Work with an Estate Planning Attorney
Make sure your bequest is legally binding and properly worded. Your attorney can also help you explore options like setting up a testamentary trust for more structured giving. - Let the Charity Know
While it’s not required, informing the organization of your intention helps them plan for the future and express their gratitude. Some may even invite you to join a legacy society.
A charitable gift in your will is a thoughtful way to carry your values forward. It costs nothing today but can bring lasting change tomorrow. Whether your legacy includes caring for loved ones, supporting a cause, or both, estate planning offers a chance to do it all. If you are ready to add charitable giving to your estate plan, get in touch with our qualified estate planning attorney today.