Wills & Bequests
In a large national survey of those who reported they had included a charity in their Will, 43 percent were younger than 55 years old. Forty-nine is the average age at which a charitable bequest is first included in a Will or estate plan. A Will is much more than a legal document. It is an opportunity to responsibly provide for the security of your loved ones and it can be a lasting legacy of your commitment to your community.
If the client’s estate could potentially owe federal estate taxes, a detailed discussion with a professional advisor regarding ways to eliminate or reduce those taxes should ensue.
For example: A financial planner may ask two quick questions at the bottom of his customer’s financial statement forms:
“Do you have a Will? Yes / No.”
“If yes, when was it last updated? ______.”
A financial planner may ask these simple questions to lead to a good discussion about the value of estate planning and sometimes about local charitable giving ideas. Busy people put off making these important decisions.
What is a Bequest?
A bequest is a section of your Will or living trust that directs a gift of personal property from your estate to a person, institution, church, school or charity of your choice after you die. It is often the simplest way for a donor to make a significant, lasting gift. Bequests may be used to provide gifts of money, stock, works of art, jewelry, etc. Gifts of real estate could be devised to beneficiary, or beneficiaries under a Will or trust.
After the needs of a spouse, children, and other loved ones have been addressed, many individuals find it satisfying to know that a portion of their resources will go toward a common good.
Many people like using Community Foundations as they can name several charitable organizations to manage their gift in perpetuity.
For more information please contact your Professional Advisor or Theresa Erickson, Executive Director at contact@PineBeltFoundation.org or call 601.583.6180