writing a will
SuffolkSally
Posts: 964 Member
OK - suppose you find yourself without any obvious/natural heirs.
You're not very wealthy, but when you die what you will leave behind is enough to make a huge difference to an individual or give a significant boost to a charitable cause.
You've looked at leaving money to charities you donate to, but you're put off by the overheads, and you'd like your money to go to something rather more definite.
Any ideas?
People who post "leave it to me, here are my bank details" or similar - earn minus points for both usefulness and entertainment value, BTW.
You're not very wealthy, but when you die what you will leave behind is enough to make a huge difference to an individual or give a significant boost to a charitable cause.
You've looked at leaving money to charities you donate to, but you're put off by the overheads, and you'd like your money to go to something rather more definite.
Any ideas?
People who post "leave it to me, here are my bank details" or similar - earn minus points for both usefulness and entertainment value, BTW.
0
Replies
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Join Big Brothers/Big Sisters, make a difference in the life of a few kids now, and pick one who really needs extra help to be your beneficiary.
Find a friend you trust and ask them to manage your estate as a charitable trust - or ask them to sell everything off that can be sold, convert it to cash, and find random strangers on the street who look like they could use a little extra help and hand out twenties until the money is gone.
Leave everything directly to a LOCAL charity that you know will help out in the most efficient way possible. A food bank. A homeless shelter. A local college for use as scholarships. The local animal shelter. Someone or some organization you feel is really making a difference around you that you care about.0 -
you can talk to a financial planner and set up a trust for an organization or person. Then all of your money would go into an account and build interest. It is that interest that goes to the charity of your choice. Its the gift that keeps on giving. Do it now because if you become disabled and go into a nursing home then the nursing home gets EVERYTHING! You would have to give away or sell your things 5 years prior to going into a nursing home or else the NH will make a stink and whoever you leave things to be it person or charity will lose out. Any property you own is sold off and all that money goes to the NH to pay for your life long care however long that may be. This helps prevent medicare from being sucked dry. Not that its not already being sucked dry but you know what I mean.0
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Someone who has helped you significantly in some way in your life....a friend, a teacher, a mentor. I'm in the same boat. I've decided to give some to a friend and some to a charity. You can't do away with overhead in charities; but some help is better than none. Who cares when I'm dead? Not me.
A family member of mine who passed tried to "rule from the grave" and tell us what we should do with the money after they died and left it to us. Doesn't work too well. :laugh:
I plan to use my last dime on the day I die, anyway. So take that, friends and charities.0 -
Join Big Brothers/Big Sisters, make a difference in the life of a few kids now, and pick one who really needs extra help to be your beneficiary.
Find a friend you trust and ask them to manage your estate as a charitable trust - or ask them to sell everything off that can be sold, convert it to cash, and find random strangers on the street who look like they could use a little extra help and hand out twenties until the money is gone.
Leave everything directly to a LOCAL charity that you know will help out in the most efficient way possible. A food bank. A homeless shelter. A local college for use as scholarships. The local animal shelter. Someone or some organization you feel is really making a difference around you that you care about.
Some very good ideas!!!
I second the food bank. We have one that will take household items, food items etc and I'm sure whatever cash benefit would be appreciated as well.0 -
^^^ GREAT THOUGHTS. I have an a executor already, and I trust her. I'm in the UK though...0
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Ronald McDonald house.
This is a SERIOUSLY good organisation. I typically lothe things like the Red Cross because of the HUGE fees the leaders take but, I have witnessed the Ronald McDonald house in action and they will always be a top notch org in my book.0 -
If you are an animal lover, leave it to a trusted veternarian to use to cover the costs of treatment for those who cannot pay. Or I'd leave it to a vet to do free spay/neuter until the money ran out, personally.
The joining BB/BS was a great idea.
Leave it to a gym with specific instructions to only use to cover people's monthly fees that are under a certain income level.
Leave it to a grocery store to fund food for a shelter, give away free groceries to single mothers
Leave it to your local parks and rec if there are parks you really enjoy to have them plant trees or add benches.
Do you love to travel? If so, leave money to a few friends who are held down by kids/money, etc and have it earmarked specifically for a place they have said they always wanted to go.0 -
what about a small local charity that would really benefit from the money like a hospice, animal shelter, etc rather than a large charity where it would just go on admin, general expenses etc?
If it's a registered charity, make sure the charity name, registration number and address are included in your Will, i work for a financial advisor and have had several clients where charities have very similar names and money has nearly ended up going to the wrong place!0 -
Also - it may be different in the US - the costs of setting up a Trust in the UK are very high. Not really worthwhile.
I've a few bequests to some rather special friends, but beyond that it gets awkward. I've lots of friends, so I couldn't decide who would be in or who out, and as is the nature of life it varies...0 -
Well I'll have pets so its probably all going to my doggies :]
If I have no one it'll go to Best Friends or the ASPCA to help rescue other doggies!0 -
- set up a scholarship, bursary, or sponsorship
- make a specific gift to your selected charity, indicating that it is to be used for a certain program or purpose (talk to them first)
- remember that all companies have overhead. And some of the smaller charities and recent start-ups may have more overhead than the better-established ones. I do work for a number of charitable foundations, and all of them put as much money as possible into their charitable purpose, and as little as possible into overhead/administration. But every company still needs to put a significant amount into actually keeping the company operating.0 -
How about setting up a trust fund of sorts to assist young people to get an education that might not normally be able to. Not only feed them for a day, but set them to successfully feed themselves for life.
When my mom passed on, the family setup a trust for single moms going to college. The trust takes care of tuition, books, day care if needed, even meals during the school day. I sit on the board for this trust. What started out very small helping one person at a time is now up to 5 a year.
Just another consideration.0 -
Also - it may be different in the US - the costs of setting up a Trust in the UK are very high. Not really worthwhile.
I've a few bequests to some rather special friends, but beyond that it gets awkward. I've lots of friends, so I couldn't decide who would be in or who out, and as is the nature of life it varies...
I'm a gambler and LOVE games and gambling. If you don't know who to leave in or out of your friends, then set up to have a celebration of your life after you pass. Do not tell anyone other than your Executor that the following will happen:
Each person puts their name in a hat. Obviously, only people who knew you will be there. Have different drawing for various prizes-they can be cash value or they can be something you've enjoyed like a basket of all of your favorite wines, cheeses, crackers, and chocolates. A trip to your favorite spot in the world. A trip to somewhere you always wanted to go but never got there. Then YOU don't have to decide who gets what-it is left to luck.0 -
I'm inclined to leave (after friend bequests etc) half to local causes, and half to an individual... like a young person, who needs a leg up in life. How do you find one?0
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If I had it, I would want to set up a scholarship for kids like my son. Make too much for financial aid, but not enough to afford to pay for it. I thought with his gpa and extra activities he'd be a shoe in for scholarships, but nope. I think a lot of kids are in the same situation.0
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Donate to a local animal shelter or rescue group...in most area's the counties do not assist the communities and individuals end up running them with no assistance from the government.0
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FInding the young person would be hard because it would likely change. Do you have a really good friend who isn't that well off financially who has a son or daughter who could use the money for college? Maybe donate it to a local High school(or equivalent) for a schlorship for someone who has been accepted to college but cannot go due to financial hardship?I'm inclined to leave (after friend bequests etc) half to local causes, and half to an individual... like a young person, who needs a leg up in life. How do you find one?0 -
Look for a charitable organization that manages foundation funds for endowments. You could, via will, leave all your property, personal and real, to an account managed by that organization and you can set it up for a specific purpose, i.e.: scholarships for girls going into science studies, field trips for local schools, etc. As long at it's for a legal purpose you can make it work for you even after you pass.0
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Doctors without Borders has a very low overhead and they do wonderful work for children as well as adults.
Your local library is another good bet.
Habitat for Humanity always gets a donation from me because the majority of the money goes into building the house and they have a magical way of making the dollars stretch while providing housing to those in need.
My last suggestion is the ASPCA - The American Society for the Prevention of Cruelty for Animals. You can give to your local animal shelter, which may or may not be a member of ASPCA. A great animal protection agency is Castaway Critters. They are run mostly by volunteers and assist in adopting out dogs, cats, rabbits, and even rats and ferrets.
If humans are who you want to help, talk to your local nursing home and see if you can invest your money (after death) in something that will benefit the residents. You could have someone else, the executor of the estate, buy what they need. Thus, you know that the money is going to help the residents, not the CEO.
Hope those give you some ideas.0 -
FInding the young person would be hard because it would likely change. Do you have a really good friend who isn't that well off financially who has a son or daughter who could use the money for college? Maybe donate it to a local High school(or equivalent) for a schlorship for someone who has been accepted to college but cannot go due to financial hardship?I'm inclined to leave (after friend bequests etc) half to local causes, and half to an individual... like a young person, who needs a leg up in life. How do you find one?
If you have enough money, why not start a scholarship fund. The interest would provide scholarship money. Just another suggestion.0 -
Also - it may be different in the US - the costs of setting up a Trust in the UK are very high. Not really worthwhile.
I've a few bequests to some rather special friends, but beyond that it gets awkward. I've lots of friends, so I couldn't decide who would be in or who out, and as is the nature of life it varies...
I'm a gambler and LOVE games and gambling. If you don't know who to leave in or out of your friends, then set up to have a celebration of your life after you pass. Do not tell anyone other than your Executor that the following will happen:
Each person puts their name in a hat. Obviously, only people who knew you will be there. Have different drawing for various prizes-they can be cash value or they can be something you've enjoyed like a basket of all of your favorite wines, cheeses, crackers, and chocolates. A trip to your favorite spot in the world. A trip to somewhere you always wanted to go but never got there. Then YOU don't have to decide who gets what-it is left to luck.
I'm liking this!
Only I can't imagine all my friends being in the same place at the same time, not without serious punch-ups anyway. But it could be done by email...0 -
Thanks so much for all the ideas!
I am in the UK though, so some of them don't really work here -scholarships and foundation trusts do exist here but we're talking serious money - and again it's a bit anonymous.0 -
Well I'll have pets so its probably all going to my doggies :]
If I have no one it'll go to Best Friends or the ASPCA to help rescue other doggies!
I've made damn sure that the dog and the cat (both rescued) are provided for - top of my list, as always0 -
Bumping, for more creative ideas0
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You could leave it to your executor to find a young person who met your qualifications. Pick an executor who you are comfortable would make a good decision. They can go to shelters, schools, outreach programs, advertise in the paper, etc. to find someone that they felt was deserving (and met whatever qualifications you set out).Thanks so much for all the ideas!
I am in the UK though, so some of them don't really work here -scholarships and foundation trusts do exist here but we're talking serious money - and again it's a bit anonymous.0 -
You could leave it to your executor to find a young person who met your qualifications. Pick an executor who you are comfortable would make a good decision. They can go to shelters, schools, outreach programs, advertise in the paper, etc. to find someone that they felt was deserving (and met whatever qualifications you set out).Thanks so much for all the ideas!
I am in the UK though, so some of them don't really work here -scholarships and foundation trusts do exist here but we're talking serious money - and again it's a bit anonymous.
So... moving on a little. What criteria/qualifications would you set, for the young and rather random beneficary? This is a huge task to impose on the Executor I have chosen.0 -
I would say something like:
- living away from home - working through school or functionally homeless
- passionate with a specific plan for education and career
- good grades when last in school
- recommendation from a past teacher0 -
How about a scholarship for a young person who has a physical disability that limits their ability to work and go to school at the same time? I think education is the main way to get a leg up in the world and I would personally set up for for an young adult with cystic fibrosis. Its an expensive disease so even if the kid's parent(s) is earning a good salary the cost of medicines, special dietary needs, hospitalizations etc pretty much wipes out any 'spare' income.0
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- set up a scholarship, bursary, or sponsorship
- make a specific gift to your selected charity, indicating that it is to be used for a certain program or purpose (talk to them first)
- remember that all companies have overhead. And some of the smaller charities and recent start-ups may have more overhead than the better-established ones. I do work for a number of charitable foundations, and all of them put as much money as possible into their charitable purpose, and as little as possible into overhead/administration. But every company still needs to put a significant amount into actually keeping the company operating.
Yes I do know - over half my work career so far has been in the charitable sector, and all of it has been in healthcare.
I know it's daft because when I'm dead I won't know... but I've worked hard for what I have. I know what happens to legacies left to medium/large size charities - they get lost.
It's a bit sad, but I'd like someone to benefit personally - like being a fairy godmother.0 -
How about a scholarship for a young person who has a physical disability that limits their ability to work and go to school at the same time? I think education is the main way to get a leg up in the world and I would personally set up for for an young adult with cystic fibrosis. Its an expensive disease so even if the kid's parent(s) is earning a good salary the cost of medicines, special dietary needs, hospitalizations etc pretty much wipes out any 'spare' income.
Yes it's a great idea - only in the UK the NHS pretty much takes care of that.
It's possible to set up scholarships and trusts for all sorts of purposes, but only worth doing if you have serious amounts of money to leave.0
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