Are you looking to start a memorial fund but aren’t sure where to begin? Many families are opting for memorial donations in lieu of traditional flowers. A memorial fund can help cover funeral costs, support a charity, or fulfill the wishes of the deceased. If you’re interested in creating a memorial fund, this article will guide you through the process and provide you with some ideas.
What is a Memorial Fund?
A memorial fund is a type of fundraising effort that collects funds to honor the deceased, provide support to the family, or achieve another goal. The funds raised are typically used to support causes that were important to the person who passed away. Memorial funds can cover a wide range of causes, including:
- Children and survivors: Funds can be used to support the education, savings, and other expenses of children left behind after losing a parent.
- Unexpected expenses: Funeral costs and other unexpected expenses can create a financial burden on families. Memorial funds can help alleviate these costs.
- Nonprofit organizations: Many people start memorial funds to support charities or organizations that were important to their loved ones.
- Local community organizations: Community organizations, sports clubs, and preservation groups can be great recipients for memorial funds.
- Research and progress: Donating to medical or scientific organizations that focus on research or fighting for specific causes is another popular option.
- Memorial products: Some families choose to use funds for the purchase of memorial products, such as park benches or gravemarkers.
Why Start a Memorial Fund?
There are several reasons why people choose to start memorial funds. Some common motivations include:
- Keeping the memory alive: Starting a memorial fund ensures that the memory of a loved one lives on.
- Supporting a cause: If the deceased person was passionate about a particular cause, a memorial fund can be established to support that cause and continue their legacy.
- Covering unexpected expenses: Funeral expenses and other unexpected costs can be overwhelming. A memorial fund can help alleviate the financial burden during a difficult time.
- Giving back to the community: Many people start memorial funds as a way to give back to their community, supporting local organizations or causes that were important to the deceased person.
- Making a difference: Some individuals start memorial funds with the intention of making a positive impact in the world, supporting causes that align with their own values or the values of their loved ones.
Setting Up a Memorial Fund
The process of setting up a memorial fund has become easier with the availability of online platforms like Ever Loved. Here are the steps to get started:
- Create a memorial website: Use platforms like Ever Loved to set up a beautiful memorial website, where you can share information about the deceased and the purpose of the fund.
- Set up the fundraiser: Within the memorial website, create a dedicated section for the memorial fund. Provide details about the cause and why it is important.
- Share the webpage: Easily share the memorial website with friends and family through email or social media. This allows them to donate directly to the fund.
- Organize and manage funds: Depending on your preference, you can either connect the fund to a normal checking account or choose a charitable organization to direct donations towards.
How Long Does a Memorial Fund Stay Active?
There is no set timeframe for how long a memorial fund remains active. Some families choose to keep the fund open indefinitely, while others may close it after a specific period or when the desired amount has been raised. Ultimately, it is up to the family to decide the duration of the fund.
Memorial Fund Tax Implications
It’s important to consider the potential tax implications of a memorial fund. According to the IRS, income generated from a fundraiser may be taxable. If you anticipate raising and receiving over $600 in donations, it’s advisable to consult with a tax authority for clarity and guidance.
Asking for donations can feel awkward, but friends and family members often want to contribute and show support during challenging times. When requesting donations, consider using wording like:
- To honor [Name]’s memory, we have set up a memorial fund supporting [cause/organization]. Donations are appreciated but not expected.
- In memory of our beloved [Name], we’re raising funds to support [organization’s cause]. Please consider making a donation to honor [his/her/their] legacy.
- Our loved one was passionate about [cause/organization]. In [his/her/their] honor, we’ve established a memorial fund. Donations will go towards [specific purpose].
Starting a memorial fund allows you to create a lasting tribute while supporting causes that were meaningful to your loved one. With the help of online platforms, the process has become more accessible, enabling family and friends to contribute easily. Remember to consult tax authorities and follow legal guidelines when necessary.