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 a will and carried out when you pass away.
You are able to donate assets or property; essentially anything that you wish to give an organisation that you believe could be helpful to them. You can leave legacy gifts to any organisation that you have a strong connection to.
Your loved ones may be aware of what 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 your organisation enjoys a posthumous gift, it is essential that you plan ahead. Think about the purpose of your will. The point is to carry out your wishes and make sure your loved ones benefit from your legacy. This is always the way to ensure non-profit organisations enjoy your life’s work.
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 to a designated beneficial. 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.
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. In other words, this is what will remain of your estate once expenses and other legacies have been given.
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.
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.
The process starts with a paid consultation of 60 minutes for S$175.
Meetings can be in-person or over ZOOM.
Based on what has been agreed upon during the meeting, we shall start the process in fulfilling your legal requirements.