What is a Memorial Fund?
A memorial fund is a way to honor the memory of a loved one by continuing their legacy, often in the form of charitable giving, scholarships, or as a way to help the family cover funeral expenses. Many memorial funds are set up in memory of a loved one with the intention of helping others in a way that the deceased would have appreciated. Some families have loved ones who were deeply involved in community organizations or programs and were passionate about supporting them. Other families want to support causes that will help prevent others from experiencing similar illnesses to their loved ones. And many families want to ensure that they can focus on celebrating their loved one instead of stressing about high funeral costs and potential financial hardship. Creating a memorial fund in memory of a loved one is a great way to honor someone’s legacy.
How to start a memorial fund
There are a few steps to starting a memorial fund, so if you’re interested in learning how to start a memorial fund see our best tips below:
- Consider what type of fund to set up. A scholarship? A fund to cover funeral expenses? Ongoing support for a charity? What kind of organizations was your loved one a part of? Were they passionate about a specific hobby? Was there a school they graduated from and loved? Were they interested in specific charities or causes?
- Create a memorial fundraiser for the fund. Start a memorial fundraiser to easily collect donations towards your memorial fund. When you create a memorial fundraiser, you’ll be able to share your story on why the fund is being set up and why it’s important. Anyone who visits the page will be able to read about the fund and easily contribute.
- Share the fundraiser with as many people as possible. Arguably one of the most important steps in garnering support for your memorial fund, sharing the page is necessary to let people know about the fund. Once your fundraiser is set up, you’ll want to share it with as many people as possible (and urge any organization you’ve partnered with to do the same).
Once you’ve created your online memorial fundraiser, it’s a great idea to share with your friends and family what the memorial fund is for and what you hope to achieve with it. Let your community (and others) know why the specific charity or organization was chosen, why it was important to your loved one, and what the memorial fund hopes to accomplish in the future.
Are donations to a memorial fund tax deductible?
Donations made to a person are generally considered personal gifts and are not tax deductible; donations made to an organization are usually considered tax deductible. While your contribution might not be tax deductible, it’s still a great way to honor a loved one’s legacy and support the family in their time of need. (The exception to this would be if the memorial fund is officially connected to a registered 501c(3) charity, where it would then be considered tax deductible.)
What’s the proper etiquette when making a memorial donation?
Proper etiquette surrounding the death of a loved one is incredibly important because it’s an event that cannot be repeated for that specific loved one. If you’re concerned about the correct etiquette when making a donation, just try your best to be respectful, supportive, and kind. Keep in mind that the family is not expecting everyone to donate as much money as possible. Give any amount that you feel comfortable with. The number isn't a measure of how much you care. The fact that you're making the gesture is meaningful already. Lastly, share the fundraiser with your friends and family to help in getting the word out.
Donating on Ever Loved
Ever Loved has made it extremely easy to donate to a loved one’s memorial fund. You can easily see if your donation is tax deductible at the time of donation and can donate to anyone’s memorial fund using a credit card. Once you’ve donated, the family is automatically notified of the donation and your name is listed on the donations list. Sharing the fundraiser with others to encourage even more support is as easy as copying the URL at the top of the page.