How would I go about giving my estate to the Church?

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Riman643

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Hi so I have a long time (hopefully) before I pass away and I was wondering how to best give my money and assets to the Church. I don’t really believe much in inheritance money so if I were to have children I would most likely not leave them my entire estate and would prefer to give it to the Church. Now that I am old (25) I need to start thinking about how I will give back financially. I have already pledged to give 10% of my income using the 4-2-4 rule but I am more worried about how I will give my estate to the Church when I pass. I am going into a very high-paying profession, I am very frugal, and most of my free time I spend investing/researching so over time I expect to gather quite a bit of wealth.

My thoughts were to give directly to the Vatican bank but I have read there has been corruption there. I’m struggling to think of how to direct the money and assets directly to the Church as a whole. During my lifetime I will be giving to my parish, diocese, and various charities but I want my large sum of wealth to benefit the Church as a whole and all the people it serves.
 
Talk to a lawyer.

But at 25, you are young, with no children. You have no idea how having children changes you. You May in fact want to leave them something, or your high paid income might in fact be spent on raising them.
 
You are a mom right? How much is a good amount to give children?
 
Depends on so many factors. Their age, their education, their needs. No generalizations because it all depends on your own income, retirement and other needs.
 
Okay. I just like to plan ahead and think big picture lol. Thanks for being honest!
 
To set it up correctly you’ll need to speak to an attorney who specializes in estate planning. They will help you create a will and trust to ensure the money goes to whom you desire.
Your Archdiocese website may have information on the wording your attorney should use.
You’ll want to update your will and trust every few years or whenever a change occurs in your life that may affect your estate planning.
I think it’s great your thinking about this at such a young age!!!
 
Riman643 said:
I was wondering how to best give my money and assets to the Church.
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Most dioceses in the US have a planned giving director who helps people do just that. You should speak to an independent estate planner and the diocesan planned giving specialist.
Riman643 said:
Now that I am old (25)
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Please stop saying that. You’ve said it in other threads. Twenty-five is not old.
Riman643 said:
My thoughts were to give directly to the Vatican bank but I have read there has been corruption there.
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The Vatican bank is not a charitable organization. It’s a bank. It is not set up to handle “donations” such as a person’s estate.
Riman643 said:
I want my large sum of wealth to benefit the Church as a whole and all the people it serves.
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That isn’t realistic. So pick one charity or work with your diocesan planned giving specialist.
 
Whoa, whoa, WHOA. Just STOP for a minute.

Have you ever heard the expression “charity begins at home”? IMHO one of the absolute worst things you can do with a large sum of money is withhold it from deserving children or a spouse to instead hand it to “the church,” particularly as you have no clear picture who “the church” even is.

How you leave money is something you don’t even think about until later in life. How much later? Well, for starters, why not make the money first before you talk about how you will leave it after you die? Also, do you plan to have children? Do you plan to get married? Please, please consider the following:
  1. It does not appear you even have, yet, any significant income, let alone assets you need to worry about passing along. Lots of people say, “I am going into a very high paying profession!” without any clear picture of what their personal and professional costs may be; what their own needs are; etc. How about you accumulate about $100,000US before you worry about this?
  2. Let’s say by the time you have $100,000, you also have 2 young kids and a spouse. You die with a 4 year old and a 6 year old. Do you really think your widowed spouse and 2 babies wouldn’t be better/more deserving recipients of your money than “the church”?
  3. What’s a better use of your funds: Your kids’ college? Or a new organ at the parish? A house for your kids? Or a fund used by some pastor to fix the steeple? Because invariably that’s what we’re talking about.
  4. Let’s say you really accumulate a huge estate. Consider the incredible level of animosity you will generate - including at the church - by handing all your large estate to the church and leaving your kids with very little. That, IMHO, is about as dubious a tactic as I can imagine, and one I suspect the church itself would not condone.
My advice? 1) Give generously of your money while you are alive to your family and to whatever charities you like (me? I prefer tangible people-oriented giving rather than just handing it to a parish).That way you experience first-hand what the money does while retaining some degree of control over it, i.e., you give it out in dribs & drabs, on the understanding that if you don’t like how it gets spent by the recipients you just don’t give more; and 2) support your family. If you don’t, who will?

EDITING TO ADD: The mere possibility of giving the money to the church, over or to the exclusion of deserving family, can be perceived as trying to “control” kids or “hold it over their heads.” I would not recommend this in any way. I’d say earn, save, and above all, mature a bit before you worry about your estate, no?
 
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VonDerTann said:
Consider the incredible level of animosity you will generate - including at the church - by handing all your large estate to the church and leaving your kids with very little.
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@riman643 This is something you should think about. I have a spouse, young children and recently had to settle my father’s estate. Donate generously to the church when you are alive and equitably leave any remaining assets to your next of kin. Wills can cause a lot of family strife during difficult times and can be contested by children or spouses who feel slighted so your wishes may not be carried out as written, particularly if you leave almost everything to an organization and not your children or spouse. In my state you legally cannot leave your spouse less than 50% of any account or assest unless they agree to it in writing, this may apply in other states as well.
 
Irishmom2 said:
Depends on so many factors. Their age, their education, their needs. No generalizations because it all depends on your own income, retirement and other needs.
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This is very true. When my mother died, she left all to my brother (mainly her house), because she knew that I was not in any need. She did not really discuss it with me as much as informed me of her decision when she was in good health, I think just to see my reaction, and I told her: that’s great, you have the right to do what you want with your estate which you worked for, and that was it, she died unexpectedly a few years later.
 
It’s my money and I want the bulk of it to go to the Church. If I die before my spouse (if I ever have one) then my assets would go to her first and then the Church after she passes. If I have any children I will raise them well enough where they do not need an inheritance and can provide for themselves.
 
That all sounds nice, but life doesn’t always go the way we want. I see people offering you things to think about. Some of us have lived our lives a lot longer than you. You should not be so dismissive or defensive of people’s ideas.
 
I think you’re getting a little ahead of yourself, since in another thread you said you don’t even have a girlfriend yet, much less a wife, and of course no children yet.

Also, you have no way of knowing if you will have “a large sum of wealth” when you die. Market downturns and healthcare-related costs take a lot of people’s money. You may very well die with only a little money.

Finally, the area where you live is likely to have inheritance laws and they may or may not prevent you from cutting your children out of your will. You will need to talk to a lawyer and do estate planning based on the laws of the area where you plan to be a legal resident when you die.

25 is not “old” and honestly, unless you are currently in possession of a lot of money through some inheritance/ trust fund/ business venture, you have quite a while before you need to worry about this. You might want to focus on more immediate life concerns.
 
I am not being dismissive and I appreciate the different advice I have been given. However this is a principle I’m very certain about. As someone who is older I need to start making plans in the long term how I can contribute to the Church and I am determined to give as much as I can financially (10% while I am alive and the estate when I pass). Clearly that would change a little if a have a spouse but not much. I appreciate the advice but I am very principled on this.
 
I don’t need a wife to do estate planning. I think it is good to think long term what my goals are and that is to provide for the Church and family if I have one. I don’t really have other immediate priorities in my life right now.
 
The problem with thinking long term in this case is you don’t really know where you will be or how much money you will have in later life, so it’s hard for a lawyer to give you any sort of practical advice right now unless you have a good bit of money right now that you would like to leave to the Church.
 
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“If i die before my spouse…[money] will go to her first and then the church after she passes.”

—Nope. It doesn’t work that way. Without giving legal advice, generally speaking If you leave her money, it’s hers to do with as she sees fit. So you’re already wrong about where this is going.

Candidly, I find your whole “it’s my money, I’ll do what I want with it!”-mantra to be . . . misguided, . . . especially given how realty intervenes, but: really, all assets we have are on loan from GOD. We ought to be asking, “what would GOD want me to do with resources?”

The advice we gave you was sound. Don’t want it? Fine. But then why ask for advice at all? . . .
 
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Whoa there, cowboy. Settle down. You have an extremely warped view of reality.
First off: You’re not old. Your brain is either at or just past final development. Nothing about you is old at all.
Second: You are being very rude to others who just want to help you. Listen to your elders on situations like this. You know next to nothing compared to them.

Go out, live your life. Make friends and start your career. Worry about what you’ll do with your money when you actually have it. No sense in living like you’ll die tomorrow and have to give away money you don’t have.

Oh, and pro tip: Be nice. You’re probably about 2 steps from a suspension.
 
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I am not trying to be rude. I’m just seeking advice because I want to give back to the Church and I am looking for the right way to go about that. People are insulting me for no reason when all I asked was a simple question, they can agree with me if they want or not but there is no reason to insult me. My intentions are only good but this forum ALWAYS aims to put me down.
 
Nobody here has ever been rude to you. Once again, your view of reality is warped.

Give back to the Church by living for others and following your vocation. If you have a family, support them first. The Church can take care of itself. The people within? Not so much.
 
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