Providing guidance to loved ones about your charitable giving
Whatever your age or health status, you're probably aware that you should document important financial and personal information for loved ones, just in case the unexpected occurs. We've all heard stories about someone's family member who passed away and left little information about where to find bank accounts, passwords, estate planning documents, life insurance policies and other information. No one wants to leave their loved ones in the lurch with scant information, but it's often hard to organize all this information in one place.
There's never a bad time to get organized and provide your next of kin or key advisors with the information they'd need to take care of your affairs if something were to happen to you. The list of "must haves" includes the obvious: Will, trust, power of attorney, birth certificate, marriage license, titles to cars and boats, deeds to property, keys, bank accounts, investments and advisor contact information, life insurance policies and contact information for the agent, funeral wishes, and passwords to your devices or online accounts.
What many people forget is that you should leave your loved ones with information about your charitable giving, including details of your favorite charities you've supported over the years and information about any funds you may have at the community foundation. In many instances, one member of a family has managed a family's or a couple's donor-advised fund, for example, while others have not been as involved in the logistics. Be sure to include contact information for your primary fund contact at Akron Community Foundation on your list of key information. You may also like to include a copy of your donor-advised fund agreement outlining successor advisors, as well as login credentials to your fund management platform.
Akron Community Foundation staff is happy to help you put together documentation about your donor-advised fund and charitable wishes to include with the information you provide to your loved ones to help them carry out your philanthropic wishes. To learn more, contact Laura Lederer at 330-436-5611 or llederer@akroncf.org. We're always available to answer your questions about philanthropy or to schedule a personal consultation with you and your professional advisors – all at no cost.
Visit The Center for Family Philanthropy
The Center for Family Philanthropy is available to help fundholders start and maintain conversations about charitable giving with their loved ones. We offer state-of-the-art, multigenerational philanthropic services, including education, community needs assessments, and grantmaking expertise. Our professional staff works closely with fundholders to learn their values and create a plan that will amplify their generosity and ensure their charitable legacy. Make an appointment at The Center for Family Philanthropy by contacting Karen Hrdlicka at 330-436-5640 or khrdlicka@akroncf.org.
Additional Resources
This article is not intended as legal, accounting, or financial planning advice.