5 Charitable Reasons to Modify an Anaheim Estate Plan. A desire to make gifts to charitable organizations is an excellent and valid reason for updating your California estate plan. At the time you drafted your original plan, perhaps you were not supporting a specific charity, or did not have an estate large enough to allow for such a gift. Over time, these circumstances may have changed.
The following are five reasons why charitable giving is an excellent reason for modifying an Anaheim estate plan:
- Relying on your executor or trustee to make a donation to a charity on your behalf is unwise.
Aside from having potentially negative tax and legal consequences, the executor or trustee is not bound by any legal obligation to make the donation. As a result, it may not happen in the manner that you desired.
- Failing to clearly name the charity of your choice could result in a donation to the wrong institution or entity.
Do not count on your successor trustee or executor to understand exactly what you mean when naming a charitable recipient. Modify your estate plan to ensure that it is named clearly and sufficiently.
- Failing to specifically state the amount of your donation could potentially reduce the inheritance of your other beneficiaries.
Consider modifying your estate plan to use a specific dollar figure or percentage in order to avoid any potential confusion.
- Properly made charitable gifts may have favorable tax consequences.
Your experienced Orange County trust lawyer can help advise you as to whether a charitable donation may benefit you from a tax perspective.
- Properly modifying your estate documents to ensure that you are supporting the charity of your choice may bring you personal satisfaction, comfort, and peace of mind.
5 Charitable Reasons to Modify an Anaheim Estate Plan. Modifications to an estate plan require the guidance of an experienced Orange County trust attorney. Our free guide, The Ten Things You Must Know Before Creating (or Amending) Your Will or Trust, offers additional information about the process of amending estate documents. Call our office today at (714) 459-5481 for a consultation.