Search:

How Can You Keep Helping Through Legacy Gifting?

Posted by Lester Lee on 04-Aug-2016 19:00:00

legacy or planned gift is a future donation to a charity that one can make through a will or gift that can leave a lasting legacy. 

 

Legacy gifting normally involves assets that the donors will use during their lifetime, such as their home or financial instruments such as life insurance policies. In Singapore, most will normally bequeath their assets to their children or their family members. However, there may be times you may wish to consider making a legacy gift to the charity that you have supported, and you wish that support to continue beyond your lifetime.

 

If you would like to consider making a legacy gift, here are five things that you may wish to consider.

  •     1.  Legacy gifting is not for everyone.  You may want to consider legacy gifting if you have assets, such as your home, that you and your spouse plans to live in but would only be able to donate after both of you have passed on. For example, by making a legacy gift of your home, you will continue to be able to control and enjoy the full use of the asset during your lifetime.
  •       2. You can choose how your legacy gift is to be used, and the organization you give it to will be legally bound to follow your wishes. If you have any wishes, make sure you specify them clearly when making the legacy gift.

  •       3. Making a legacy gift to a charity is a very personal decision. In most cases, most parents in Singapore would like to leave behind something for their children or their loved ones. Before making a legacy gift, you should keep in mind the needs of your family, and if it is truly your wish for your remaining assets to help your family or the charity of your choosing, or both.

  •       4. You should make a legacy gift to a charitable organization that you can trust to carry out your wishes. Only a reputable and trustworthy organization can manage to make your gift count to those that really need it.  Choose the beneficiary organization carefully.

  •       5. You can elect to make your legacy gift revocable or irrevocable -- and there are many other complex legal issues to consider. Always make sure that you discuss your plans with a qualified lawyer. In some cases, the charitable organization that you plan to gift to may be willing to pay the legal costs.

 

Ultimately, legacy gifting is best for those who truly want to help make a different during their lifetime and beyond in supporting an organization that they trust. Undoubtedly, this is a decision that is deeply personal and should not be rushed into.