Bequests
Surveys have shown that only 30% of Americans have wills or living trusts. Such instruments are vital because they direct the disposition of assets at your death. Those who bequeath a portion of the assets to charities do so as their final act of philanthropy. You can include The Village through a specific asset, a fixed dollar amount or a percentage of the “residual value” of your estate.
The following is an example of a bequest favoring The Village Family Service Center.
“I hereby bequeath and devise $________, or ___________% of my residuary estate for the use of The Village Family Service Center, of Fargo, North Dakota, a qualified IRC Section 501(c) (3) organization.”
If you’d like more information on how to make a will or create a bequest for The Village Family Service Center or any other charity through your will, you can request a free booklet called “How to Make a Will that Works” by calling 701-451-4955 or e-mailing The Village’s planned giving office. This booklet covers many questions people commonly have when considering how to prepare a will.
Beneficiary Designations
Various assets may be directed at death through means which avoid probate. Retirement accounts, life insurance proceeds, brokerage accounts and certain other assets can be distributed through beneficiary designation. You can change your beneficiary designations (all or in part) to include charity, without having to change your will.
Beneficiary designations on retirement plans (IRAs, etc.) allow you to give charity(s) all or a portion of your fund balance at death. A variation is to name a charitable remainder trust to receive retirement fund assets, and then to name your spouse as the trust’s income beneficiary. In either case, you have directed to charity(s) an asset on which your heirs would have been subject to income taxation in future years.
The concepts herein are intended to provide information of a general nature only.
They should not be construed as legal, tax and/or financial advice.
Readers are urged to consult with their own professional advisors for their specific situations.
