There are many reasons why a person who has a considerable fortune may choose to leave it to a charity instead of to surviving family or friends. Perhaps the surviving relationships are strained, perhaps those potential beneficiaries have their own fortunes, or perhaps you want to ensure your money and your legacy lives on to promote a good cause. However, while it may seem cut and dry that a person can gift their wealth or estate to a charity of their choice, if it is not executed correctly, it can end up as more of a burden than a gift.
Charitable gifts are sometimes contested by surviving family who feels entitled and expected to receive the benefit of your estate. These contests could lead to lengthy court battles and draw a considerable amount of resources away from the nonprofit for a length of time. Additionally, executors of estates and trustees sometimes charge exorbitant rates in order to maximize their profit after your passing.
Obviously, when you die you want to know that your legacy lives on and that you bestow a gift of value and not something diminished or tarnished by the avarice of others involved.
If you have a considerable fortune to bequeath to someone, or even if your assets are of little monetary value but great sentimental value, ensuring they get to where they are intended, the Florida law office of Frese Hansen may be able to assist you and provide you the comfort in knowing what you leave behind when your time comes.