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Estate gifts can go a long way for organizations

Although many people choose to leave their assets to their children after they pass away, some choose to let their children accumulate their own wealth, or give substantial amounts to both family and organizations they feel passionate about. Through proper estate planning, people can preserve their legacy by leaving money behind to certain organizations.

A wealthy citrus grower in another state left a large portion of his assets to a local library. Because of the man's gift, the library will be able to increase staff, expand its collection of business books and purchase technology to help people in the business community. This will also include community outreach.

The person also left behind money to other service organizations. In total, the man donated $11 million to charities and public organizations through his estate planning. By using smart estate planning documents, people can make sure their money is allocated to certain organizations and that those organizations use the money appropriately. Trusts can often be used to help determine how money should be spent. Sometimes people might determine that an organization would benefit from a certain use of the money, and they want their gift to be used accordingly. Other times people will trust the organization to appropriately distribute the funds.

An experienced estate planning attorney can help a person leave behind assets to certain people and certain organizations. They can help word their documents so all assets are use appropriately.

Source: The Ventura County Star, "Camarillo library plans to expand business collection with $2.8 million bequest," Jennifer Letzer, Sept. 17, 2012

-Our law firm handles many estate planning documents. Please visit our website to learn more.

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