Memorial funds are a great way to honor a departed loved one. Setting them up and maintaining them can be challenging without assistance.
Families are normally eager to preserve the memory of loved ones who have passed away. For some that means taking the time to remember the departed at family gatherings and keeping cherished personal possessions.
Other families want something more. They want their loved ones to have a lasting public legacy.
One way to do that is to set up a memorial fund to donate to charitable causes the departed supported or to assist people whose circumstances are similar to the departed. Memorial funds can be difficult to set up.
Fortunately, most families have a good resource to get started as an estate attorney can either assist with the legal paperwork or suggest someone else who can. Beyond that, funds need to be maintained, which can be time consuming.
The New York Times recently offered some tips to help in "Honoring a Loved One with a Charitable Fund," including:
- Crowdsource Collections - Several different websites can be used to collect money online. Utilizing them is a good way to reach thousands of potential donors quickly.
- Outsource Management - A memorial fund requires a lot of time and effort to maintain legally. Professional management companies can be used to take care of everything, but they can be expensive.
- Outsource Paperwork - Other professional agencies will allow families to say how the fund’s assets should be distributed and take care of all of the required paperwork. These donor-advised funds are a good intermediate option for many families not wanting to give complete control of the fund over to a management company.
Reference: New York Times (Sept. 30, 2016) "Honoring a Loved One with a Charitable Fund."