If you are planning to set up a charitable trust, it helps to know the finer details before you begin. This way, you can contact an estate planning attorney with a good understanding of what the charitable trust process involves, making things that much easier.
The Davidson Law Group is here to give you sound legal advice and guidance in achieving peace of mind when writing your will, estate planning or setting up a trust. In this blog, we look at some of the things you need to know before you begin.
Why Are You Choosing a Specific Cause?
The first thing to think about is what causes you really believe in. In leaving something for a specific cause through a charitable trust, you are making a lasting commitment to it – part of the legacy you leave will be tied up in the nonprofits or support networks you dedicate your trust to.
Think about how your trust will help that cause, and how you would hope to be thought of. If you the time and the ability, you could even volunteer for your chosen charity – if you have not done so already – to get a hands-on feel of the work they do.
Related Post: What Is a Charitable Trust?
Choosing a Charity or Cause
For some, choosing a charity might be simple. You might believe passionately a particular cause, or have a charity you have worked for or supported for many years already. However, if you are just now beginning to think about it, there are a few things you can think about to help you pick the right one.
What do you consider important, on a personal level? There is a multitude of organizations doing great work for children with neurological conditions or chronic illnesses, animal welfare, improving the environment, reaching out to areas with additional resources like food and education. The list is potentially endless.
Make Sure of Legitimacy
When you decide to leave your legacy to a charity, nonprofit or chosen cause, you should make sure to research the specific organization(s) you will be leaving money to. Do some research into their accreditation and the work they have done, along with how recognized they are.
If you find a charity seeking you out and pressuring or attempting to persuade, or refusing to share information with you, then giving to them is likely a bad idea. You should also be able to clearly and easily understand exactly what it is they do.
Give the Ones That Feel Right
When you are setting up your charitable trust, remember that no one knows your personal beliefs and values better than you. Whatever choices you make when it comes to leaving a legacy to a charity or nonprofit, it should be based on what you believe.
You should not feel pressured to give to causes you are not passionate about, especially when this lasting gift will be something people will remember you by.
The Foundation of Your Charitable Trust
At the Davidson Law Group, our attorneys are here to help you set up your charitable trust. We have the experience you need to make sure the finer details are covered, and that the people and causes you care about get the security they need. To establish your Texas Legacy, contact our team in Fort Worth, Allen, or Tyler today.