Many California residents have giving attitudes and hearts. They want to help others as much as they can, especially in charitable capacities. For some individuals, continuing that giving after their passing may be a desired goal. Fortunately, there are various ways that parties can use trusts and other estate planning tools to address charitable giving.
Trusts are a great way to ensure that a charity or multiple charities benefit from the remaining assets of an estate. Individuals can create a revocable trust that names the charitable organization of their choice as a beneficiary. The trustmaker can also indicate whether the funds or other assets should be put toward a specific purpose that the organization will carry out or whether the assets can be used for a general purpose at the organization’s discretion.
It is also possible to name charities as beneficiaries to other accounts. For example, individuals could name a charitable organization as the beneficiary of their retirement account. In this case, the assets in that account could pass directly to the charity. It is also possible for the account holder to indicate that the charity should obtain all of the retirement funds in the account or only a percentage of them.
These examples are only a couple of the many ways that charitable giving can take place. If California residents are interested in using trusts or other estate planning tools to continue their philanthropic ways, they may wish to discuss this matter with knowledgeable attorneys. Legal professionals can provide additional insight into charitable giving options and determine which might be best for each case.