Logo

What Defines a Charitable Bequest?

A charitable bequest is a donation made as part of an individual's will or trust. It involves leaving a specific asset, a fixed amount of money, or a percentage of the estate to a charitable organization. This form of philanthropy is a popular way for individuals to support causes or organizations they care about even after death.

Key features of a charitable bequest include:

  1. Flexibility: The donor can specify exactly how much and what type of assets (such as cash, stocks, real estate) they want to leave to the charity.

  2. Revocable: A charitable bequest can be altered or revoked during the donor's lifetime. It only becomes irrevocable upon the donor's death.

  3. Tax Benefits: Estate taxes can be reduced through charitable bequests. Since the donation is not made until after the donor's death, it can lower the estate's taxable value.

  4. Versatility: Donors can leave bequests to multiple charities and stipulate how the charities may use the funds or assets.

  5. Simplicity: Incorporating a charitable bequest into an estate plan or will is relatively straightforward and can often be done with a simple amendment.

  6. Legacy: Charitable bequests enable individuals to leave a lasting legacy reflecting their values and support for important causes.

People choose to leave charitable bequests for many personal reasons. Some may have a deep, lifelong commitment to a cause, while others want to give back and positively impact society. Many also see it as a way to leave a meaningful legacy that reflects their values. When planning a charitable bequest, seeking advice from legal and financial experts is wise. This ensures that the bequest fits well with your overall estate plan and takes into account any tax implications.

  • Published: Dec 21, 2023
  • Updated: Dec 26, 2023

Read more FAQ...

What Strategies Exist for Avoiding Probate?

View

What Questions Should Be Asked When Hiring an Estate Planning Attorney?

View

What Is the Purpose of a Healthcare Proxy?

View

What Is the Definition of a Beneficiary Trust?

View
Disclaimer section
This FAQ is for informational purposes only and does not constitute legal advice. We make no representations or warranties about this FAQ's completeness, accuracy, reliability, or suitability. Each legal situation is unique. Always consult an attorney for personalized guidance.

Our Practice Areas

Our talented and experienced attorneys and team members come from diverse backgrounds, but we share a common belief in doing right by those that entrust us with their legal matters. At Easler Law, we bring real-world experience to the table, we will critically think for you, we will do the work right, and we will never make excuses.

Search among the most frequently asked questions

Learn More About Our Legal Services

Benifical Ownership Report

Under the Corporate Transparency Act (CTA), businesses must report ownership info to combat financial crimes or face penalties.

Learn More