Eleven percent of Americans have already earmarked money for charities in their wills or created another type of planned gift, and one out of four people (25%) plan to add a charitable bequest to their wills, according to a study commissioned by the National Committee on Planned Giving.

Bequests allow you to maintain ultimate control of your assets. To understand how this works, it may be helpful to think of your assets as two types: personal capital and social capital. Personal capital is the portion of your estate that you control and can pass along as you wish to your designated heirs. Social capital is the portion of your estate that will be paid in taxes, unless you direct it to charitable giving.

With a charitable bequest in place, you retain control of your social capital. Instead of your hard-earned assets going to the government, you can decide how your money will be spent, what it will accomplish, and who will administer your funds. You can then be confident that your assets will be managed effectively and used exactly as you direct.

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