If you have a large estate, you may want to support a cause that matters to you while still leaving a meaningful inheritance to your family. Balancing those two goals may be difficult.
You can use a will, a trust or both to leave property to family and charity. The right approach often depends on which assets each document covers and when you want your beneficiaries to receive them.
Dividing property through your will
Your will controls the property that becomes part of your probate estate after you die. It does not control every asset you own. For example, property already held in a trust follows the instructions in that trust instead.
Through your will, you can leave a charity a fixed amount, a percentage of your estate or a specific asset. The option you choose affects how much remains for your family.
A percentage gift changes as the value of your estate changes. A fixed gift stays at the amount you name. If your estate later grows or loses value, that fixed gift could leave a larger or smaller share for your family than you first expected.
Using a trust for more control
A trust offers more control over when beneficiaries receive property. You name a trustee to manage the assets and follow the instructions in the trust.
This may help if you want family members to receive their shares over time instead of all at once. You can also direct some trust property to charity while leaving the rest for your relatives. The trust can state what happens to property that remains after a family beneficiary dies.
Reviewing the plan together
You may want to review your will and trust to see which assets each document covers and how you divide them between family and charity. Consider gathering current records for your major assets before making changes. That information could help you spot outdated terms and prepare for the necessary legal steps.