Naming a Charity as your Beneficiary

Naming a Charity as your Beneficiary

May 06, 2019

Naming a Charity as Your Beneficiary:  Giving without putting your personal finances at risk


Some families can’t afford to designate a large sum of money during their lifetime toward their favorite charity.  Because of that, many choose to name a charitable organization as a beneficiary in a life insurance policy or retirement savings account. 

Of course, you’re going to want to make sure any of your surviving family members will already be provided for after death.  But designating a charity as a beneficiary can be one of the ways to make a charitable gift.  It doesn’t cost anything to make the change and can be revocable at any time.

Here’s how:  First, talk to your investment or insurance firm to find out how your beneficiaries are named currently and then ask for the process of changing any beneficiaries.   Next, contact your favorite charities to find out their correct legal name and tax ID number.  It’s important to get this exact.  Then, you may relay this to your investment and insurance agencies to make the necessary changes.   It’s good practice to review your beneficiaries from time to time, especially as children become adults, or your charitable causes change over your lifetime.

Also, it’s a good idea to let the charity know that they are the beneficiary.  Many institutions have societies and events just for donors and future donors to their institutions.


Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual.