A gift in a will is a favorite way for people to leave a gift to their favorite charity. A charitable bequest may be designed when a new will is being executed or added to an existing will through a codicil.
One of the benefits of writing or reviewing your will is the time spent examining your values. Your will is really a document that states your values in a very tangible way. You declare that your family, friends and favorite non-profit organizations are important to you when you give your values life through a bequest.
Even people of average means have an estate, and including charitable organizations in your estate plan helps to answer the question, "What can I do to make the world a better place than I found it?"
You have several options when you are considering a bequest:
- A specific bequest is usually a specific dollar amount or a percentage of an estate. It may be in the form of cash, securities, real estate or tangible personal property.
- A residuary bequest names a charity as the residuary legatee to receive the residue of the estate after specific bequests have been fulfilled.
- A contingent bequest takes effect only if all primary beneficiaries named in the will have previously died.
- A testamentary trust designates that part or all of the estate is to be left in some form of trust with a bank or individual trustee for the benefit of the charity.
Here are four easy steps to help define and create your legacy:
- Decide to whom and why you might like to leave a gift.
- Contact your favorite charity and ask them how your gift could best help them.
- Consult your professional advisor (financial planner, attorney, accountant, etc.) to confirm that your family and charitable planning are properly balanced.
- Write or change your will to specify your wishes regarding your gift.
We are always deeply honored to be remembered by our friends in such a personal and significant way, so please let us know of your plans so that we have the opportunity to personally thank you.There are many ways to show your support and generosity to Aspire that may significantly reduce your tax obligations. These may include gifts of securities, life insurance or closely held stocks.
If you would like to investigate how your values can be put to work through a legacy gift to Aspire of Western New York, please contact Michael Holley at (716) 505-5512 or Michael.Holley@aspirewny.org.