Charities - Will your wishes be carried out?
I wrote yesterday about some of the factors you may want to consider when preparing an estate plan that contemplates a gift to a charity. What I didn’t address was the possibility that despite your best efforts, your beloved and well supported charity may cease to exist at some point between the creation of your estate plan and your death. As estate litigators, we don’t shy away from a cy pres application, and we may even find some enjoyment in the academic aspects of the process, yet, is that really where you want your hard earned funds to go?
Knowing how you want your money spent and who you want it to go to is clearly just part of the battle. There are many ways to ensure that your intentions are given effect; mostly they involve your detailed and thought out instructions and well drafted testamentary instruments. If you have any significant concerns about the viability of your favourite charity or the longevity of its current name, and are considering making a donation in excess of $250,000.00,options exist, including the Aquaduct Foundation which provides a vehicle for charitable donations, allowing you to control the purpose of your charitable giving. Lauren Storer provides some further insight into the benefits of such planning here.
At the end of the day, where your money goes is your decision, but don’t you want to know that your wishes will be carried out?
Until Tomorrow,
Nadia M. Harasymowycz - Click here for more information on Nadia Harasymowycz.
