How a bequest works
A bequest is one of the easiest and most flexible forms of planned giving. With the help of an attorney, you can include language in your will or trust specifying a gift to be made to family, friends, or a charitable organization as part of your estate plan, or you can make a charitable bequest using a beneficiary designation form.
Benefits of a bequest
- Receive an estate tax charitable deduction
- Reduce the burden of taxes on your family
Here are some of the ways to leave a bequest to The Wilds Christian Association, Inc.
- Include a bequest to The Wilds Christian Association, Inc. in your will or revocable trust
- Designate The Wilds Christian Association, Inc. as a full, partial or contingent beneficiary of your retirement account (IRA, 401(k), 403(b) or pension)
- Name The Wilds Christian Association, Inc. as a beneficiary of your life insurance policy
A bequest may be made in several ways
- Percentage bequest - make a gift of a percentage of your estate
- Specific bequest - make a gift of a specific dollar amount or a specific asset
- Residual bequest - make a gift from the balance or residue of your estate
If you have any questions about leaving a charitable bequest to us, please contact us. We would be happy to assist you. If you have been so generous as to include a charitable bequest to The Wilds Christian Association, Inc. as part of your estate plan, please take the time to let us know. We would like to thank you!
The method used to make a charitable bequest will depend on the kind of gift you choose to leave to The Wilds Christian Association, Inc.
Bequests of real estate, personal property, business interests and cash are typically made by way of a will, revocable trust or even a simple codicil to your current estate plan. Your estate-planning attorney can assist you in preparing the necessary papers for you to complete the bequest.
Other bequests, such as those involving retirement assets, insurance policies, bank accounts and stocks and bonds, are typically made by completing the appropriate beneficiary designation form. Simply contact your retirement plan administrator, life insurance company, bank or investment broker and ask them to send you the appropriate "beneficiary designation" or "payable on death" form. To complete your bequest, you will need to complete and sign the form and then send it back to the person who originally sent the form to you.
The last step in leaving any bequest involves the transfer to a charitable organization. When you pass away, the bequest property will be transferred to The Wilds Christian Association, Inc. The full value of this gift will be transferred tax-free and your estate will receive an estate tax charitable deduction.