If giving back to your community matters to you, your estate plan can reflect those values. Whether you support a local church, university, animal rescue, or national foundation, charitable giving is a powerful way to leave a lasting legacy.
You have several ways to include charitable gifts in your estate plan, and the best choice depends on your goals, assets, and timing.
For many Oklahoma residents, charitable giving also provides tax advantages and peace of mind. By planning ahead, you can support the causes you care about while still taking care of your loved ones.
Define Your Charitable Goals
Before you decide how to give, take time to think about what you want your gift to accomplish. Consider questions like:
- Do you want to support one or multiple organizations?
- Should the gift be used for a specific program or general support?
- Would you prefer to give during your lifetime, after your death, or both?
- Do you want to make a one-time gift or create ongoing support?
Once you have clear goals, your attorney can help you match those goals with the right planning tools.
Name a Charity in Your Will or Trust
One of the simplest ways to include charitable giving in your estate plan is by naming the charity as a beneficiary in your will or revocable living trust. You can leave a specific amount of money, a percentage of your estate, or a particular asset.
For example, you might leave:
- $10,000 to your church in Oklahoma City
- 10 percent of your estate to a foundation that supports education in Tulsa
- A piece of real estate or mineral rights to a conservation group
This type of gift is called a bequest, and it does not take effect until after your death. You can change or remove it at any time during your lifetime.
Use a Beneficiary Designation
You can also name a charity as the beneficiary of non-probate assets, such as:
- Life insurance policies
- Retirement accounts (like IRAs and 401(k)s)
- Bank accounts with a payable-on-death (POD) designation
- Investment accounts with a transfer-on-death (TOD) designation
This method is fast, flexible, and avoids probate. However, you need to keep the designations up to date and make sure they match your overall plan.
Set Up a Charitable Trust
If you want to make a more significant gift or create long-term support, consider setting up a charitable remainder trust (CRT) or charitable lead trust (CLT). These are more advanced tools that offer flexibility, income options, and potential tax benefits.
A charitable remainder trust provides income to you or your chosen beneficiaries for a set number of years or for life. After that, the remaining assets go to the charity. This structure works well if you have appreciated assets, such as real estate or stocks, and want to avoid capital gains tax.
Charitable lead trusts work in reverse. The charity receives income from the trust for a set period, and then the remaining assets revert back to your family or other heirs.
Both types of trusts require careful planning and administration, so work closely with your estate planning attorney and financial advisor if you are considering this option.
Consider a Donor-Advised Fund
If you want to support multiple charities or make ongoing gifts, a donor-advised fund (DAF) may be a good fit. You can fund the account during your lifetime or through your estate and recommend how the funds are distributed over time.
A DAF contribution can be a helpful tool if you are not yet sure which charities to name or want your family to stay involved in giving after you are gone. Many Oklahoma families use DAFs to involve children or grandchildren in charitable decisions, keeping family values alive across generations.
Put Your Intentions in Writing
Whatever giving method you choose, make your instructions clear and specific. Include the correct legal name of the charity and clarify how you want your gift used. Some organizations have multiple branches or programs, so avoid general references.
If you are making a large or restricted gift, consider talking with the charity in advance. This helps make sure your gift is used the way you intend and avoids problems later.
Check Out Our Client Reviews!
If you’re thinking about working with an Oklahoma City or Tulsa estate planning lawyer to put a plan in place, some feedback from others may be helpful.
With this in mind, we maintain a page housing numerous real-life testimonials posted on Google and elsewhere, and you can check them out here: Parman & Easterday OK estate planning reviews.
Since founding Parman & Easterday in 1985, Larry has led over 1,000 free, community-service education programs and helped more than 10,000 Oklahoma families go from putting off their estate plan to getting it done. His goal for every client is the same: to become the person their family calls "the one who took care of everything."
Larry is the author of three books: The Straight Shooter's Guide to Estate Planning; Estate Planning Basics; and Guiding Those Left Behind in Oklahoma. He served as Oklahoma's Secretary of State and Secretary of Commerce, and his firm is the only member of the American Academy of Estate Planning Attorneys in the state.
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