Donating to a Charity After Passing Away

Charitable donations give a big boost to the non-profit organizations that receive them, but they can also benefit the giver in many ways. Aside from being able to help charities that really need the extra cash or asset, donations can also lessen the taxable income of an individual. Of course, this is the last reason one should give when donating to charities ; people should give out of the kindness of their hearts first and foremost.

Not a lot of people realize that donations can still be made long after they have passed away. This can be done through a Last Will and Testament. While this can sound gloomy and morbid, passing on one’s assets after passing away is one of the most generous acts one can do. Some of the more common items given away at the time of a person’s death include cash, whether it be cash on hand or in the bank. Those looking to go with this route can specify the amount to avoid overdoing the donation.

Life insurance policies can be a tremendous help as they can be tied up with the burial arrangements in order to free the family from the financial cost of death. Newer policies allow people to donate to their chosen charity for as long as the person paid his regular dues to the insurance company.

If there are no other items worth giving away, a portion of one’s estate can be willed away, although this isn’t recommended as it can be a lot of trouble for lawyers and executors regarding how to fairly divide the person’s estate among all vested parties.