|
Want to Leave a Gift? Here’s the Info You Need
Leave a Legacy is a Bay Area educational campaign dedicated to helping residents in our area learn about leaving planned gifts to their favorite nonprofit organizations in their wills or estate plans. Here are some frequently asked questions about this important form of giving.
Q: How do I leave a gift to the QVH Foundation or other favorite nonprofit organization?
A: It’s easy. You can arrange for a gift through a charitable gift in a will or a living trust. Many people set aside a specific dollar amount. Others leave a percentage of their estate or any assets left over after their family has been provided for. Some people choose to donate real estate. Others leave life insurance policies, funds from a savings or retirement account, or appreciated assets.
Q: Must I have an estate in order to leave a gift?
A: Anyone can leave a gift, and almost everyone has an estate. “Estate” is simply a word used to describe any money, property, insurance, or personal belongings that you may have at the time of your death. Most people leave an estate when they die, even though they might not have a great deal of wealth.
Q: Do I have to state my wish to leave a gift to a specific organization in my will?
A: Yes. A charitable bequest will not take effect unless you state your intention in your will or living trust. Without a will, you may lose control over your belongings after death. Your property and finances are settled according to state laws, whether or not they coincide with your wishes.
Q: Should I tell the organization that I’ve left them a gift?
A: When you include the organization in your planning, they can tell you about specific opportunities for giving and ensure your objectives for the gift will be met. Also, organizations often like to know in advance so they can recognize your generosity.
Q: Who can help me arrange for making a gift?
A: If you have professional advisors, such as a financial planner, attorney, accountant, or insurance agent, please talk with them about leaving a gift. Richard Green, the Foundation’s chief development officer, can also provide no-obligation, in-depth information.
Q: How do I leave a gift in memory or in honor of a loved one?
A: A gift in memory is a wonderful way to honor someone who has made a difference in your life. Contact the Foundation or other organization you wish to benefit through your memorial gift to discuss the options. This kind of memorial gift can be arranged in your will. You just need to make it clear that your gift is given in memory of a particular person.
Q: How do I leave a gift for a specific purpose or field of interest?
A: Specify in your will that your gift is given for a specific purpose. The nonprofit can help you develop the necessary language. At QVH Foundation, staff are happy to help you make sure that your gift goes for exactly the purpose you intend.
