The starting point of all estate planning, the will is the most common means chosen to leave assets to charity upon death. It should be well thought-out and work in concert with other estate planning tools. Many people choose to include their charitable interests in their long-range financial planning. Making an ultimate charitable gift can go hand-in-hand with preserving economic security for one's self and loved ones.
The will is one of the most popular vehicles for making long-range gifts. For each multimillion-dollar charitable bequest you've read about, countless smaller ones are arranged by people of all means. Many people chose to give a specific amount or a specific property. Others chose to ensure a definite gift to their favorite charity by electing to "give a percentage" of the assts. Still others decide to make gifts from the "residue", which is the portion that's left over after providing for loved ones.
If having a will and estate plan is key to accomplishing some of life's most cherished goals, keeping arrangements up to date is equally important. After all, your plans can only reflect your desires at one point in life. As relationships and circumstances change, so should your plans. Estate planning experts suggest regular reviews about every three years or whenever a major event occurs in your life (births, deaths, changes in wealth, etc.)
We urge you to seek the guidance of an attorney when preparing your will. There are many different options available to distribute assets.
Some estate plans are more effective than others. What the most effective plans have in common, however, is a well-thought-out will that works in concert with other estate planning tools. Your will is just one part of an effective estate plan - but a vitally important part!
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