No one enjoys thinking about what will happen when they die, but estate planning can avoid many complications for your family. More importantly, you can make your wishes known for the end of your life and ensure your legacy is solidified. While the primary purpose of estate planning is to ensure you and your family are taken care of, you do not have to limit your plans to only financial matters. You can also use estate planning to pass on your values and highlight your principles.
While many people prioritize charitable giving each year, many forget to plan for charitable gifts as part of their estate plan. Charities cannot be heirs to an estate unless expressly named in a will or as a beneficiary in a trust agreement. Consequently, it is crucial to discuss including your favorite charities in your estate plan with your estate planning attorney.
You can also name a charity as a trust beneficiary or create a trust specifically for a charitable purpose. In some cases, you can even include conditions in a trust for family members to encourage pro-social behavior.
If you would like to donate a substantial amount to charities or fund ongoing work, creating a family foundation or donor-advised fund may be an option. You can set up the foundation during your lifetime and donate amounts for specific charities to the foundation. After your death, the foundation can continue to fund your charities or causes of choice.
If you are revising an estate plan or just beginning the process, Your Legacy Legal Care can provide many comprehensive estate planning services. Call us at (281) 885-8826, or click here to schedule your consultation.
Kimberly Hegwood is the Managing Attorney of Your Legacy Legal Care, a Houston estate planning law firm. With more than 25 years of experience practicing law in Texas, she represents clients in a wide range of legal matters, including elder law, asset protection, estate planning, Medicaid crisis planning, probate, guardianship, and other estate planning practice areas.
Kimberly received her Juris Doctor from the South Texas College of Law and is a member of the State Bar of Texas.
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