What are some good charities to name in my Will or Trust?

Apr 30

Clients who don’t have children often ask me what my other clients without kids do with all of their money. In other words, they’ve worked all their lives and have done fairly well for themselves, but they have no one to leave it all to.

Normally, I would ask if they have extended family or other friends to name as beneficiaries. But if they don’t feel particularly close to anyone, the next question they usually ask is: “are there any charities you recommend?”

And, of course, I tend to defer to their life experiences since finding a worthy cause is a highly subjective matter.

With that being said, here are the most common types of charities I see clients choose from in that scenario:

Medical research/treatment institutions like the Jimmy Fund or St Jude’s
Local religious organizations
Shelters - for families in transition and/or animals
Alma mater or other educational institutions
And then you have the household names like the Salvation Army or Red Cross

But there’s one charity in particular that has piqued my interest recently and it’s called charity water.

The concept is very simple, water is the most basic human need (besides the air we breathe). It is at the core of our existence. While it’s noteworthy to treat diseases, what if you could help prevent disease in the first place? We’ve all heard the saying, an ounce of prevention is better than a pound of cure. And when I think about charitable giving, I think about impact - is this actually making a difference? Is this the best bang for the buck?

For some reason, despite all the common luxuries we have, there are still about 770 million people (or about 1 in 10 humans on earth) that don’t have access to clean or safe drinking water. That doesn’t make sense.

What does make sense is looking to Maslow’s Hierarchy of Needs:

So, if you are unsure of what to do with your money and are considering naming one or more charities in your will or trust, then perhaps Maslow’s Hierarchy of Needs can help you identify the type of impact you want to make on this world before you leave it.