Life Income Giving

Bequest

Your will is an important legal document that allows you to carry out your individual objectives. Through a bequest stipulated in your will you can continue to achieve those values you believe to be important, and you can show your love and concern for family members and friends.

In a bequest you can support those charitable institutions and organizations that have been important to you during your lifetime. You can help them serve the generations to follow.

Some objectives of a will are to:

1. provide for your children and name guardians for them;
2. decide on the distribution of your personal property;
3. provide for a spouse;
4. reduce estate taxes;
5. protect accumulated assets; and
6. provide for charitable institutions and organizations.

There are some common excuses for not having a will. Perhaps it is easy to put off, thinking there is no urgency. Maybe you think the time is not right, or your estate is not big enough. You might believe that a will is not required if everything is held in joint ownership. Like all of us, perhaps you do not like to think of your own mortality. Or it could be that you are not familiar with the laws and taxes and costs of having a will prepared.

What makes up an estate? Just about anything that has a monetary value: home and furnishings, savings and securities, retirement funds, vehicles, life insurance, other real estate holdings, business interests, jointly owned property and all other personal property, such as silver, china, antiques, etc.

If you have already drawn up a will, now may be the time to review it and revise if necessary. Your objectives and needs may have changed; perhaps your assets have grown in value or decreased; your children's needs sometimes change as well; and of course, laws are often enacted that affect your will.

As you consider making a bequest in your will consider the different types of bequests. With a Percentage Bequest you may designate that a charitable organization receive a specific amount expressed in terms of percent. A Residuary Bequest can be utilized if you want to leave all remaining property after debts, taxes, expenses and all other bequests have been filled. A Specific Bequest allows you to designate a specific dollar amount or a specific piece of property. Securities, real estate and other tangible personal property come under the heading of property. Lastly, in a Contingency Bequest you may specify that a bequest be made to a charitable institution under certain conditions, such as the death of another beneficiary.

Feel free to contact us using the information to the right or by completing the online form below.

Life Income Giving Query Form

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