By: Micah Underwood, Grant Manager, Catholic Charities West Virginia
You care about your community. Throughout your life, you’ll likely support many causes that matter to you. With planned giving, you have an opportunity to make an impact beyond your lifetime—to leave a legacy for generations to come.
Planned giving—another term for legacy or estate giving—simply means making plans to give to charity through your estate. (It’s like naming a nonprofit as one of your heirs.) While there are many ways to do this, some simple and some complex, we’re going to talk about some of the most common and most approachable.
In all of these decisions, you’ll want to consult a legal advisor, like your attorney or an estate planning professional, to make sure the details are in order.
Planned Giving Through a Bequest
A bequest is simply a gift made through your will. (A will is a legal document that describes what happens to your assets, including real estate, cash or other financial resources, and personal property, after your death.) This is one of the simplest ways to make a planned gift. You might specify the bequest as a dollar amount or a percentage of your estate. You could also donate real estate or even personal property such as antiques or collectibles.
Life Insurance Policy Beneficiary
Another simple way to give is by naming your charity of choice as a beneficiary of your life insurance policy. You can leave them the whole policy or a portion of it. Check with your insurance agent for more information on how to do this.
Retirement Plan Beneficiary
Whether you have an IRA, a 401(k), or another type of plan, you can leave all or part of your retirement to your chosen charity. Talk with your plan administrator to learn more.
These three options are only the beginning. Depending on the size and complexity of your estate, the variety of your charitable interests, and the family and friends you might also be considering, you may have any number of ways to give. As we mentioned above, you’ll want to talk with an estate planning professional or other trusted advisor throughout this process. Such a person can help you understand your options and any tax implications. They’ll also make sure the language in your will or other estate plan accurately reflects your intentions.
Remember, many planned gifts are revocable during your lifetime. That means you can change your mind—and your giving—if your priorities change. So it’s never too early to start making plans.
August is Make a Will Month. Creating or updating your will is one of the most compassionate and thoughtful gifts you can give. By making your wishes clear, you can bring peace of mind to the family and friends you leave behind. A will also offers you an opportunity to share your vision for the future of your community and to connect with the people and organizations that share that vision.
Above, we’ve offered a brief guide to some of the most common ways to sustain your charitable impact beyond your own lifetime. If your plans include Catholic Charities West Virginia, we’d welcome the opportunity to talk with you about how you’d like to see your gift benefit the people of our community in the years ahead.
Your generosity to Catholic Charities West Virginia will extend your love and compassion to vulnerable neighbors across the Mountain State. Your legacy can help feed the hungry, shelter the homeless, and bring hope to people in crisis. With Catholic Charities West Virginia, you’re helping your neighbors create self-sustaining, healthy lives and move toward their full potential.
If that vision moves you and you’re ready to talk about what an estate gift to Catholic Charities West Virginia could do, we invite you to start the conversation. Email us or call 304-905-9860, extension 8005, to speak with Chief Mission Officer Katie Hinerman Klug.
For a tool to help you get started, try this free online will builder. To learn more about planned giving at Catholic Charities West Virginia, visit our website.
