Must-Have Information for Naming a Charity as Remainder Beneficiary

Creating an estate plan is a very involved process, and it may seem that at every corner, new and vital decisions must be made before your attorney can draft your documents. One such decision involves the beneficiaries of your estate. The bulk of your estate will likely be left to a party or parties known as the remainder beneficiaries.

How it Works

A remainder beneficiary is the person, group of people, or entity that is named to receive any property that you have not specifically directed be given to someone else. Some families prefer to leave the bulk of their assets to children or other loved ones. Other families may have different goals or priorities, instead opting to leave a substantial gift to the charity of their choosing.

If you are interested in using a charity as your remainder beneficiary, your attorney will need the following information as you create your estate plan:

  1. The full legal name of the charity.
  2. The address of the charity. The more specific you can be about the charity that you want to receive your donation, the less likely that potential issues will arise. For example, if the charity of your choice has multiple locations, but you want to leave your assets to the Anaheim location, this should be outlined in your will.
  3. A contact person at the charity, if possible.
  4. A backup charity in the event that the charity of choice is no longer in existence at the time of distribution of your estate’s assets.

If you are still just beginning the estate planning journey, we are here to help. Reach out to us whenever it is convenient for you, by email, live chat, or by filling out or easy online contact form!

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