A charitable bequest is one of the easiest and most flexible ways that you can leave a gift to St. Mary's Food Bank Alliance that will make a lasting impact.
A bequest is one of the easiest gifts to make. With the help of an attorney, you can include language in your will or trust specifying a gift to be made to family, friends or St. Mary's Food Bank Alliance as part of your estate plan, or you can make a bequest using a beneficiary designation form.
The method used to make a bequest will depend on the kind of gift you choose to leave to St. Mary's Food Bank Alliance.
Bequests of real estate, personal property, business interests and cash are typically made by way of a will, revocable trust or even a simple codicil to your current estate plan. Your estate-planning attorney can assist you in preparing the necessary papers for you to complete the bequest.
Other bequests, such as those involving retirement assets, insurance policies, bank accounts and stocks and bonds, are typically made by completing the appropriate beneficiary designation form. Simply contact your retirement plan administrator, life insurance company, bank or investment broker and ask them to send you the appropriate "beneficiary designation" or "payable on death" form. To complete your bequest, you will need to complete and sign the form and then send it back to the person who originally sent the form to you.
The last step in leaving any bequest involves the transfer to charity. When you pass away, the bequest property will be transferred to St. Mary's Food Bank Alliance. The full value of this gift will be transferred tax-free and your estate will receive an estate tax charitable deduction.