A Will is the best way to commemorate your legacy. As you sit down to draft your Will, you know that you will get a clear image of the assets you have. We all want to leave something behind for our children. The fruit of our labor should reach them, and they should get to enjoy everything we worked on for them.
However, your children don’t have to be the only ones to want your money. You can extend your kindness towards other children and even various charity organizations. The world can use empathy from time to time. It will also give you the experience of the benefits of supporting the charity through your Will. Here’s why you should consider an act of generosity to help others:
1. You Make A Difference In Someone’s Life
While you may not realize it altogether, when you leave behind a substantial vase for charity, you make a difference in someone’s life. People often get denied food, water, and even shelter due to a lack of funds. That means during harsh weather changes and if a person needs a place to rest they can find one because of you.
Other organizations also can start other departments to facilitate their companies because of the money you give. For example, projects such as employment agencies and better education for children can now become a reality. The funds will reach these agencies, and it’s perfectly legal.
2. It’s an Eternal Gift
Some myths will discourage you from donating, but money is just as much a gift as any other donation. So the organizations you support can get a piece of your share. Such as leave a charitable gift to Planned Parenthood if you like the idea of actual child-rearing. You can easily support as many charity organizations as you want.
In practice, it’s a good idea to donate to different places. Once again, you’re making resources accessible to a broad spectrum of the population. We live in a world where everything has a connection. So if you can help people tap into resources, they can take care of themselves better than reduces the burden on different sectors.
3. You Don’t Have To Be Wealthy
People usually stop donating because they feel they can only contribute if they occupy a certain socio-economic status. That’s not the case. No matter how much you have in your Will, you can donate. There is no benchmark to how much you need to contribute.
Even if you have only $100, you can go ahead and give it to charity. These organizations are trying to support various people and their problems. Even what you consider little is much for them. So don’t hesitate to write their name on the Will as you proceed to make necessary donation arrangements.
4. There Is No Inheritance Tax
When you give your children a share of your money, they will need to lay inheritance tax. The same doesn’t happen to donations. Donations are gifts, and the government will treat them as a gift. That means whoever gets it will not have to worry about paying a heavy tax on them.
No matter how much you give, no tax will get applied to these funds. You also end up reducing some of the inheritance tax on your children. If a sizable chunk goes to donations, what’s left behind will only be a portion of your total assets, so the tax is reduced. That is another reason why you should consider walking down the charity road.
5. You Feel Good
Emotional benefits also account for something. Kindness and empathy are encouraged because they make you feel good. You may feel like you’re making a difference, and in a way, you are.
You’re also leaving another legacy for your children, which emphasizes sharing instead of hoarding. It’s also your way of supporting and encouraging other charity organizations to come forward. When the government and charity organizations can work together, great things get achieved.
6. You Simplify The Process
When you’re writing your Will, you need to have an executor. These professionals will take care of the process of making sure who you name gets your Will. When you name a person, you need to detail who they are and how they need to be of a certain age.
However, when it comes to charities, the same rules don’t apply. You can easily name an institute and your monetary amount. You don’t need to call a specific person, and you can use the charity’s name.
7. No One Can Take The Money From You
Since the money legally belongs to the charity after you write them. That means no one can take the charity to court and challenge the money you hand them. People do fight over inheritance, and it’s not uncommon to feel entitled to more. That’s why it’s a good idea to include charity names in legacy.
Unless you acquire your money through illegal means, no one will take your money. So many charities can benefit from your support, and they will continue to thrive due to your money. A lawyer can quickly draft your preferred charities into your Will.
It would help if you got into the habit of writing your Will. While you’re writing them, make sure that you include charities and different organizations. Your lawyer can quickly draft the names of your charity organizations in your Will.
These organizations will benefit greatly from the money you give them. They get a chance to expand their horizons and help more people all because of your outreach. There are also no restrictions on how much you want to donate, so you can help any charity as you like. The executor process is also straightforward. So you can look into the process of donation.