How can I donate to charity after I die?
Q. I have no children and my husband has terminal dementia. We have multiple properties in both names which are “or”. I also have certificates of deposit, IRAs, stocks, and cash worth around $ 2 million. When I die, I would like everything to be kept with interest and rental profits sent quarterly to different nonprofits and scholarships. How do I proceed? And who should make sure that this is done for me in the future since I don’t have anyone who can do it for me?
– Plan ahead
A. You have some work to do, but you can organize things to follow your wishes after you leave.
To achieve your goals, you can set up a trust in which you specifically name the charity or educational institution you wish to receive and the amount.
It would be done as a testamentary trust – content in your will, said Yale Hauptman, estate planning lawyer with Hauptman and Hauptman in Livingston.
However, you will need to designate a curator, which can be a person, an institutional or corporate trustee, he said.
There is another option.
Many financial institutions have charitable giving programs, like the Fidelity Charitable Giving Fund, Hauptman said.
“You decide on the charities, but the structure and management of the funds is handled by them, so you don’t have to worry about choosing a trustee,” he said. “Check with your financial advisor for options or a quick internet search will bring you to several. “
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Karin Price Mueller writes on Bamboo column for NJ Advance Media and is the founder of NJMoneyHelp.com. Follow NJMoneyHelp on Twitter @NJMoneyHelp. Find NJMoneyHelp on Facebook. Sign up for NJMoneyHelp.com‘s weekly electronic newsletter.