Gifts by Will or Trust
Frequently asked questions about a gifts by will or trust
Do I have to include my wish to leave a gift to a specific charity in my will?
Yes, to be certain that the charity receives the gift; you should state your intentions in a properly prepared Will or trust. Without a Will, you lose control over the ability to distribute your estate and your estate matters are settled according to state laws, whether or not they coincide with your wishes. It is to have the appropriate wording in your will or trust so that your gift will be used where and how you desire.
Must I have an estate in order to leave a gift?
Yes. An estate is simply a word to describe any property, money, or personal belongings that you may have at the time of your passing. Most people leave an estate of some size when they die, even though they may not have a great deal of wealth. Anyone can arrange to leave a charitable gift from their estate when they pass away.
How do I leave a gift in memory of a person for a specific purpose?
A memorial gift is a wonderful way to recognize someone who has made a difference in your life. This kind of memorial gift can be arranged in your Will or trust. You just need to make sure your wishes are clear in your documents. The appropriate wording can be obtained from the non-profit organization.
Do I tell the charity I've left a gift?
Charities often like to know in advance so they can inform you of specific opportunities for giving that may be meaningful to you. Again, if the will or trust does not have the appropriate wording, the donor's wishes may not be fulfilled.
How do I leave a gift to a charity I admire?
You can arrange for a gift in several ways, the most common being through a will or trust. Many people designate a certain dollar amount or a percentage of their estate to be given to the non-profit organization of their choice. Some people give money, securities, paid-up life insurance or an IRA. A personal residence or other Real Estate is also a common gift.
A meeting with a Planned Giving professional from the charity is best. The donor receives information on:
- how he/she can customize their gift;
- a donor can name a specific geographic location where the gift will be used;
- the donor can also designate how the gift is to be used;
- tax benefits;
- suggestions regarding the gift in an overall estate planning strategy.
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