People often set aside a sum of money to give away to a good cause when they are estate planning. Some consider donating money after they die to be a way of continuing their legacy. Sometimes when people amass a large amount of money over a lifetime, a sizable donation can make quite a difference. A recent contribution from the estate of actor Peter Falk is a good example.

The actor, best known for his Emmy-winning role as the detective Columbo, died last summer at the age of 83. Earlier this week, his estate made a donation in the amount of $3 million to the University of California, Los Angeles, to fund student scholarships.

UCLA says that a fund, titled the Shera and Peter Falk Lt. Columbo Memorial Scholarship Fund, will be created to provide scholarships to students who are studying music, are military veterans or have disabilities. The first five scholarships will be awarded for students starting school this fall. The scholarships will cover all four years of tuition.

Falk's wife says that the donation will be a way to continue the actor's legacy. According to CBS Los Angeles, she says he cared about giving back to the community, and this seemed an appropriate way to do it. She says, "What better legacy than to help students get a great education that will serve them throughout their lives," CBS reports.

Most people don't have that much money to give, but many earmark some funds to help causes important to them.

Source: CBS Los Angeles, "Peter Falk estate gives $3M to UCLA for scholarships," Feb. 21, 2012