We all like to give back to charity organisations that we care about or non-profit groups that are close to our hearts. But it can be difficult to know how to do this safely and in a manner that will benefit ourselves, as well as the organisation. One way you can do this is through Legacy Giving.
What is Legacy Giving?
Legacy Giving or planned giving is the act of donating to a charity or other non-profit organisation. A legacy gift can be left through your will and carried out when you pass away.
You are able to donate assets or property; essentially anything that you believe could be helpful to the organisation. You can leave legacy gifts to any organisation that you have a strong connection to.
About Charitable Giving and Legacy Gifts
Why Should You Plan For Legacy Gifts?
Your loved ones may be aware of the non-profit organisations you care about. But upon death, they may not know you want to leave a legacy gift. In order to make sure the organisation(s) enjoy a posthumous gift, it is essential that you plan ahead. Think about the purpose of your will. The point is to carry out your intended wishes and make sure your loved ones benefit from your legacy. This is also the way to ensure non-profit organisation(s) will get to benefit from your life’s work.
How You Can Start With Charitable Giving
If you wish to start planning your legacy giving to charity organisations in Singapore, there are two main ways you can do this. Let’s take a look at them and their differences.
Commonly, when you’re creating a will, you will have to name your beneficiaries. These are loved ones that are going to benefit from your estate when you pass away. It’s possible to make a charity or organisation a beneficiary to your estate. This means that they will receive everything, from savings accounts to houses that you own
A bequest is slightly different from a designated beneficiary. Instead of receiving your whole estate, a bequest will ensure that an organisation receives the specific assets you want them to. For example, you can specify an amount of money or percentage of assets you want them to have.
What Should I Remember When Planning For Legacy Gifts?
You’re able to leave most assets to a non-profit organisation in your will. But the most common are pecuniary legacies, which are sums of money. It’s your decision how much money you want to donate and there are no set amounts that are mandatory.
You can also leave a specific legacy, which is when you name certain items that you have for the organisation to enjoy. For example, you could choose to leave jewellery, paintings or other items in your home. You can also choose to leave a residuary gift to charity organisations in Singapore. A residuary gift is the remainder of your estate once expenses and other legacies have been given.
Do I Need A Lawyer To Plan For Legacy Gifts?
If you plan on leaving legacy gifts for a special organisation of your choice, it’s recommended to contact a lawyer.
A professional with experience and expertise can advise you on the best way you can do this.
They can take care of all the legal paperwork and ensure that your legacy gifts will be safe and secured for you. This can offer you peace of mind.
Here at Kith & Kin Law we offer transparent fees and our Legacy Giving drafting fees start from S$2500 nett.
Our Legacy Gifting Process
Everyone has their own unique legacy they wish to leave behind. Through our purpose-driven ethos, we will help you craft out a personalised plan on how you wish to incorporate your legacy plan with your estate plan.
Yes, it’s possible to leave your stocks and shares as legacy gifts for organisations. This is known as a pecuniary gift and you’re able to leave them as a donation. Every gift that you leave can have a positive impact on the future of an organisation.