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In the context of fundraising and nonprofit work, an estate refers to the total of an individual’s assets, rights, and obligations at the time of their death. This includes all forms of property—real estate, personal belongings, bank accounts, stocks, and other financial assets. When a person passes away, their estate is usually managed to pay off any debts, taxes, and other liabilities before the remaining assets are distributed to beneficiaries as specified in their will or state law. Nonprofits often engage in planned giving strategies, encouraging donors to include the organization as a beneficiary in their estate plans. This could mean gifts through wills, trusts, or other financial instruments, allowing individuals to leave a lasting legacy that supports the causes they care about.
In reality, any estate—regardless of size—can contribute to a nonprofit through planned giving. Many individuals of modest means can make a significant impact by designating a percentage of their estate or specific assets to their chosen nonprofit organization.
A planned gift is a contribution that is arranged in advance and typically takes effect upon the donor’s death. This includes bequests, charitable remainder trusts, and other mechanisms where a donor can allocate resources from their estate to a nonprofit organization.
Nonprofits can encourage estate contributions by educating donors about the impact of planned giving, providing legal or financial advice, and facilitating easy processes for including the organization in wills or trusts. Offering information sessions and individual consultations can also promote planned giving.
To manage an estate in planned giving, it's essential to have a valid will, a list of assets and liabilities, beneficiary designations, and possibly trusts or other legal instruments. Consulting with estate planning professionals can ensure all legal requirements are met to facilitate the desired outcomes.