A "Gift in Will" is when a person leaves a portion of their property or assets to another person after their death, as specified in their will. This is a way of transferring wealth or possessions to chosen beneficiaries.
Layin' Down a Legacy: Gifting Through a Will
Leaving something behind for your favorite cause doesn't have to wait until you kick the bucket. A donation in your will lets you support the charities you care about, helping them continue their good work in the community.
Here's what you can pass on as a gift in your will:
- Moolah: A straightforward way to pay it forward, offering immediate liquidity to your chosen beneficiaries.
- Tangible Treasures: From real estate and stocks to bonds and cherished keepsakes, you can specify particular goods in your testament.
- Estate Share: You can assign a slice of your total assets after settling debts and distributing specific gifts.
- Investments: Accounts brimming with stocks, bonds, or mutual funds can be easily divided, offering tax advantages thanks to step-up in basis.
Sharing the Love with Charities
To include a charity in your will, follow these simple steps:
- Pick a Cause: Decide on the charity that strikes a chord within you. Make sure it is a registered organization to secure those tax-savings.
- Type of Gift: Choose whether you'd like to leave a specific amount, a percentage, or specific assets to the charity.
- Legal Advice: It's always smart to consult with an attorney to ensure your will is buttoned up and includes all the essential details.
- Charity Details: Ensure your will contains the full name, address, and tax ID (if applicable) of the charity you wish to bless. This prevents confusion and upholds clarity.
- Revisit and Update: Regularly review your will to ensure it aligns with your current wishes and the charity's status.
Phrasing Your Bequest
Below is a sample of how to write a bequest to a charity in your will:
By adhering to these steps, you can effortlessly incorporate a charity in your will and make sure your generosity lives on.
Check out the Parkinson's NSW website for more details:
Wills and Bequests | Parkinsons NSW
- To ensure your wealth continues to make an impact after your passing, consider including a charity that focuses on real estate, finance, wealth-management, or personal-finance education and self-development in your will for personal-growth and community support.
- As part of your estate planning, remember to donate a portion of your stocks, bonds, or cherished keepsakes to your chosen charity for tax advantages and to support the charity's ongoing operations.
- In addition to monetary donations, you can grant a specific asset such as real estate, or a percentage of your total assets, to a charity for charitable purposes, making a lasting difference in the lives of others.
