The passing of a loved one is a great loss. And in the days that follow, families must tend to many things: grief, funeral plans, and unexpected financial matters.
For those who are currently experiencing this, we would like to extend our deepest sympathies.
During this difficult time, you may choose to honor the memory of your loved one with a memorial fund. Let us help.
Memorial funds are a powerful way to celebrate someone’s legacy, bring people together, and receive financial support if necessary.
Understandably, it may feel overwhelming to take on another commitment right now. To this end, we’d like to support you in setting up a memorial fund and offer a simple way to collect donations.
Keep reading to learn:
- What memorial funds are and how to set one up
- How to collect donations and what they can be used for
- How memorial funds celebrate the legacy of your loved one
What are memorial funds?
A memorial fund is an opportunity to honor your loved one by collecting financial donations, grants, or memorial gifts in their memory.
Memorial funds collect far more than donations, however.
They support grieving families by surrounding them with the love and support of their community. With time, memorial funds can also help individuals find meaning in their loss.
What are memorial funds used for?
People establish memorial funds in moments of grief. However, they can serve as a break in the clouds during this difficult time, and continue to offer rays of hope for years to come.
There are many types of memorial funds for one simple reason: each one reflects the unique life of the individual who passed.
How would you like to honor your loved one?
Consider the following eight categories. They are often used to honor the memory of those who have passed. You may find one that resonates perfectly.
1. Support their favorite cause
If you could pick one cause to donate to, which one would bring the biggest smile to your loved one’s face?
Whether they were passionate about the arts, animal welfare, childhood education, or veteran support, a memorial fund is a powerful way to do good in their name.
2. Fund scientific research
Memorialize the life of your loved one by helping others who struggle with similar conditions.
3. Create a lasting memorial
Physical memorials are a touching way to keep someone’s memory alive.
For example, did they enjoy a nearby park? Their fund can be used toward a memorial tree, park bench, plaque, or stone memorial.
4. Unexpected expenses
The sudden loss of a family member may leave you with expected financial obligations, like funeral costs, medical bills, mortgage payments, or outstanding debt.
Instead of flowers, you can ask for donations to alleviate financial hardship right now.
5. Scholarship fund
If education and academia were near and dear to their heart, a scholarship fund is a wonderful way to financially support avid learners.
6. Childhood, high school, or college initiatives
What organizations shaped them as a child? Some examples might include summer camps, the Boy Scouts or Girl Scouts, 4H, sports teams, etc.
You may choose to focus the memorial fund on high school or college initiatives instead if your loved one reached significant milestones during their formative years.
Some families collect donations for nonprofits, especially if their family member actively supported them throughout their lifetime.
Another option is to give to nonprofits that embody the spirit of your loved one.
For example, if they always served delicious homemade treats when you visited, donating funds to a food bank might be how you keep their spirit alive.
8. Local community
If your loved one took pride in their city or town, collecting funds for the local community is a meaningful place for their memorial fund.
Perhaps it can help preserve historical architecture or finance a new playground.
Click here to start a free money pool for your memorial fund.
How does a memorial fund work?
There are two main ways to set up a memorial fund.
The first is to set up your fund with a foundation. Some foundations may charge a handling fee and require a minimum initial donation.
However, if you’d prefer a third party to manage the memorial fund on your behalf, this is a viable option.
Other families decide to gather donations independently and offer the memorial fund to a specific organization. This option gives you greater flexibility and control over how funds are used.
Irrespective of your preference, we’ll show you how to set up a free money pool to collect your donations.
From there, you can decide whether you’d like to entrust a foundation with your memorial fund or disperse donations independently.
How do I set up a memorial fund account?
At the time of someone’s passing, family members cope with grief, field condolences, plan a funeral, and settle financial matters.
If you would like to set up a memorial fund, too, you need a simple option.
Other platforms, like GoFundMe, provide a place to collect donations for memorial funds. However, between the fees and lengthy set-up process, it may be too great a commitment right now.
Let us help with Braid Money Pools.
What are Braid Money Pools?
Braid Money Pools are a dedicated place to collect, manage, and donate funds.
They are designed for multiple users so other family members can easily manage the memorial fund with you.
Your pool is 100% free to use and when you’re ready to use the memorial fund, you can do so directly from the pool.
Braid Money Pools are incredibly simple. Below, we’ll show you how to start collecting donations in three easy steps.
1. Set up your memorial fund money pool
From the Braid app, you can set up your pool, invite other family members to join, and start collecting donations within a matter of minutes.
Without a tedious learning curve, everyone can use Braid Pools and get their memorial fund underway.
Honor the memory of your loved one with the support of Braid Pools. Click here to get started.
2. Invite family members to join
You don’t have to take care of the memorial fund by yourself. Text an invitation link to your family members so they can manage the pool with you.
As fellow pool members, they can track incoming contributions and disperse funds directly from the pool.
3. Share your Pool Link
When you’re ready to collect donations, share your pool link through, text messages, social media, or email.
On the Pool Link, you can share a brief description of your memorial fund and a photo of your loved one.
For example, your pool link might read:
“To honor Renee’s life, please consider donating to support both those suffering from Alzheimer’s and the angels who care for them.”
If it’s helpful, let family and friends know to share the donation link. By spreading the word, they can lighten your load and ensure no one is missed.
The Pool Link allows people to donate easily and quickly. All they need is their debit or credit card to contribute. They don't have to download the app or create a Braid account.
What do you call a donation in honor of someone?
If this is the first time setting up a memorial fund, it may be difficult to find the right words to say.
Consider these points when crafting the perfect memorial fund description:
- Let people know why you are setting up a memorial fund
- When asking for money, refer to it as “donations, “memorial gifts” or "honorarium gifts”
How do you ask for money in a memorial fund?
At a time of great loss, family and friends want to help. But often they don’t know what to do.
Therefore, don’t be afraid to ask for money in a memorial fund.
By asking them to donate, you give them a meaningful and tangible way to support you.
Whether you’re collecting donations to offset funeral costs, medical bills, or to spread your loved one’s legacy, people are eager to lend a helping hand.
How do I receive memorial donations?
Before online banking, people gave memorial donations with cash or check payments. But this has drawbacks.
It’s hard to keep track of incoming cash and checks. And if checks are made out to the wrong person, it can create an awkward situation.
With Braid, anyone with a debit or credit card can donate within a matter of minutes. You can track each donation directly in your pool, making it easier to thank everyone later.
Braid is a safe and simple place for memorial funds
In closing, we’d like to answer any remaining questions you might have about Braid Money Pools.
Donations remain in a dedicated money pool until you use them
After the loss of someone dear, life may feel like a whirlwind, including your finances.
With Braid, memorial donations remain in this dedicated, shared wallet until you use them.
They never mix with your finances. This makes it easier to track them and prevents additional financial stress.
Your pool is 100% free
Braid Money Pools are free to start and run. There are no monthly fees, maintenance fees, service fees, or transaction fees.
When it comes time to disperse donations, you pay zero fees. Similarly, contributors never pay fees when they donate.
This means you keep 100% of what you collect for the memorial fund.
Donations are safe and secure
Experience greater peace of mind while collecting donations with Braid.
We use best-in-class security and compliance practices to protect donations.
We also use SSL 256-bit encryption to encrypt all payment information and keep personal data safe.
Disperse the memorial fund whenever you’re ready
With Braid, you can keep your money pool open as long as you want. This gives everyone a chance to donate without pressure.
Once you’re finished collecting donations, you can disperse the memorial fund as you see fit.
Some families entrust the memorial fund to a foundation. Other families use the memorial fund to offset unexpected bills. Others donate the money to a charity or cause in honor of their loved one.
However you choose to use the memorial fund, Braid makes it easy.
You don’t have to transfer funds to a personal bank account to use them. You can spend them directly from the pool with the free debit card that comes with it.
Times of great loss are also moments to rediscover the power of human connection and compassion.
By setting up a memorial fund in honor of your loved one, you collect far more than donations. You experience the love and support of others firsthand.
Consider using Braid Pools to celebrate your loved one’s legacy and find comfort during these difficult times, too.