The church an individual attends can have a major impact on their life. Many people meet their spouses at their churches. The other members of their congregation can provide them with support during difficult times.
It is only natural for those who have benefited from a faith community to want to give back to that community after their passing. They may want to help preserve the church and help fund programs that benefit the local community.
Integrating charitable giving into an estate plan is a noble aspiration. How do people who want to provide financial support for their church ensure that they can leave a lasting financial impact on the church they attended?
By pre-planning memorial services
Many people who create estate plans choose to plan and pay for their funeral services ahead of time. Doing so gives them the opportunity to take pressure off their loved ones and ensure the service reflects their personal values.
One of the many instructions individuals can leave is a request that those making donations in their memory give to a specific cause. People planning their funerals ahead of time can include directions to ask others to leave memorial gifts to the church they attended.
By naming the church as a beneficiary
It is common practice to include a church or one of its charitable enterprises as beneficiaries in a will. People may allocate the majority of their assets to family members and leave a portion of what remains to the church.
Other times, they may give more to the church than to specific people, as their family may already be financially stable. Naming the church or its charitable organizations as beneficiaries in a will is one way to leave resources for the church.
By funding a trust
Surviving family members sometimes take issue with the decision to allocate assets to a church instead of the family. If people suspect that their loved ones might contest their will or fight over their resources, then creating a trust can be a worthwhile decision.
Trusts can also be beneficial in cases where people want to provide structured, long-term support for their churches. Those with particularly large estates may find that the use of a charitable trust is the best way to provide financial resources for the church that they attended after their passing.
Those drafting wills and other estate planning documents often have specific intentions for their legacies. Identifying legacy goals and creating the right documents to achieve those goals can help testators express their gratitude to the people and institutions that improved their lives.