Your financial legacy can be set up to help provide an income for your heirs as well as a donation to a charity at the same time. You can do this by setting up a Charitable Remainder Trust (CRT). Your heir receives an income from the trust and has a “life interest” in the trust. The charity of your choice has a “remainder interest” (or “residual interest”) upon the death of your heir. One of the advantages of setting it up this way is that your estate can receive a donation tax credit on your final tax return when done correctly.

Read more: How charitable remainder trusts let you provide for heirs while doing some good