Gifts From Wills & Trusts

Wills & Trusts: The Details

 

Your bequest to support our mission should be planned thoughtfully. Many good planning techniques are available, and you should choose the type of bequest that best suits your personal objectives.

 

For example, your bequest can be a stated dollar amount, or you can bequeath a specific asset to St. Anthony’s. Some of our friends prefer to bequeath a certain percentage of the remainder of their estate — the amount that remains after paying all debts, costs, and other prior legacies. (You can visit our Sample Gift Language to get you started.)

 

Whichever form you prefer, you can direct that your bequest be used for our greatest needs or for a specific purpose you designate. Whatever your objectives, we will be happy to work with you in planning a bequest that will be satisfying, economical, and effective in carrying out your wishes in our important mission.

Adding a charitable gift to your will is easy! You don’t have to rewrite everything; a simple document called a codicil is used to make amendments to an existing will.

Is this type of gift right for you?

 

A gift from your will or trust is for you if:

  • You want to help ensure St. Anthony’s future viability and strength.
  • Long-term planning is more important to you than an immediate income tax deduction.
  • You want the flexibility of a gift commitment that doesn’t affect your current cash flow.

Residual Gift Language

A residual bequest comes to us after your estate expenses and specific bequests are paid:

 

I give and devise to St. Anthony of Padua Catholic Church, located in The Woodlands, TX, all (or state a percentage) of the rest, residue, and remainder of my estate, both real and personal, to be used for its general support (or for the support of a specific fund or program).

Specific Gift Language

Naming St. Anthony of Padua Catholic Church as a beneficiary of a specific amount from your estate is easy:

 

I give and devise to St. Anthony of Padua Catholic Church, located in The Woodlands, TX, the sum of $___________ (or asset) to be used for its general support (or for the support of a specific fund or program).

Contingent Gift Language

St. Anthony of Padua Catholic Church or its affiliates can be named as a contingent beneficiary in your will or personal trust if one or more of your specific bequests cannot be fulfilled:

 

If (insert name) is not living at the time of my demise, I give and devise to St. Anthony of Padua Catholic Church, located in The Woodlands, TX, the sum of $ _______ (or all or a percentage of the residue of my estate) to be used for its general support (or for the support of a specific fund or program).

Retirement Plan Beneficiary Language

You may name St. Anthony of Padua Catholic Church as a beneficiary of your IRA or other qualified retirement benefits. Donors should consult with their tax advisor regarding the tax benefits of such gifts.

 

Naming St. Anthony’s as the beneficiary of a qualified retirement plan asset such as a 401(k), 403(b), IRA, Keogh or profit-sharing pension plan will accomplish a charitable goal while realizing significant tax savings. It can be costly to pass such assets on to heirs because of heavy tax consequences. By naming St. Anthony’s as a beneficiary of a retirement plan, the donor maintains complete control over the asset while living, but at the donor’s death the plan passes to support St. Anthony’s free of both estate and income taxes.

 

Making a charitable gift from your retirement plan is easy and should not cost you any attorney fees. Simply request a change-of-beneficiary form from your plan administrator. When you have finished, please return the form to your plan administrator and notify St. Anthony of Padua Catholic Church . We can also assist you with the proper language for your beneficiary designation to St. Anthony’s.

Customized Language

If you or your attorney would like St. Anthony’s to provide you with customized beneficiary language that is specific to your goal and interest, please contact us.

 

Need a codicil*? Download here!

 

*A codicil is a legal document that changes specific provisions in your will but leaves all the other provisions the same.

Will Your Gift Be Restricted?

Gifts to St. Anthony of Padua Catholic Church under a will may be given for unrestricted use or used to support a particular program.

 

In balancing the wish of the donor to benefit a special purpose with our ever-changing financial needs, advisors recommend that restrictions be described as broadly as possible, avoiding detailed limitations. The more limited the restrictions of such a bequest, the more important it is to add a provision such as the following:

 

In the event that such use should prove to be impossible, impracticable or undesirable for any reason as their governing body may determine, in their sole discretion, they shall then provide for alternative uses of the fund in a manner consistent with and reflecting the spirit of the original gift.

 

Please let us help you with your sample gift language to St. Anthony’s. We will assist you or your attorney with bequest language that works best for you and us, and can also clarify and advise you in regard to your interest in benefiting specific aspects of our work.

Gifts from Your Will or Trust: FAQs

1. Does this kind of gift make sense for you? 

 

A gift through your will or trust could be right for you if:

 

  • You want the flexibility of a gift that doesn’t affect your current cash flow.
  • Long-term planning is more important to you than an immediate income tax deduction.
  • You believe in the mission of St. Anthony of Padua Catholic Church and want to see it continue for generations to come.
  • You wish to create a charitable legacy and make an enduring statement about your priorities.
  • You want to honor a loved one with a tribute gift.
  • You already have a will in place or are preparing to write one.

 


 

2. What are some planning points to get started?

 

A gift through your will or trust is one of the simplest legacy gifts to arrange. However, you have several options for how to plan your bequest, so you do need to do some basic planning to be sure you choose the type of bequest that suits you best. Don’t worry. We’re here to help every step of the way!

 

Your bequest can be:

 

  • A certain dollar amount
  • An item of value or specific asset
  • All or a percentage of the remainder of your estate after all debts costs and other bequests have been paid
  • Contingent upon the passing of another beneficiary who gets first priority
  • Designated to a specific purpose or program or unrestricted to be used where it’s needed most at the time

 


 

3. How do I make a tribute gift to honor someone I love?

 

Who’s that special person in your life that deserves to be recognized? You want to shout their name to the world but wonder how. Maybe they are living, or perhaps they’ve passed on. If you’re looking for a meaningful way to honor them, consider making a tribute gift in your will or trust to St. Anthony of Padua Catholic Church in that person’s name.

 

Be sure you notify us of your gift. If you like, we will send a personalized notification of your gift (without saying the amount) to the person being honored or to his or her family and friends.

 

Other kinds of planned gifts can be made in honor of a loved one.

 


 

4. Do I have to re-do everything if I want to add a charitable gift in my will?

 

No, you don’t. A simple document called a codicil is used to make amendments to an existing will. For example, you might use a codicil to change the executor of your will or to add a charitable gift.

 

Download a sample codicil.

 


 

5. What happens if I die without a valid will?

 

If you don’t have a will in place, you’re not alone. It’s an intimidating subject for many people, perhaps because it forces us to acknowledge our mortality. But actually, a thoughtfully planned will is the closest you can come to achieving immortality because it gives you control in the most important areas of your life, like your family, your business, and the charities and causes you care about.

 

More than 50 percent of Americans die without a valid will. This is unfortunate in most cases, because state laws will take over and will distribute your probate estate in accordance to a prescribed formula, possibly in ways that you would not choose.

 

You’ve worked hard to achieve what you have—whether it’s a little or a lot or somewhere in between—and you deserve the right to say what happens to it. A will gives you the control you deserve.

 

When you write your will, we hope you will consider including a gift to St. Anthony of Padua Catholic Church. It’s a simple and meaningful way you can support our mission for future generations.

 

A will is one of the least expensive legal documents to create, and it’s usually straightforward. And the peace of mind you gain by knowing you have a valid will in place is well worth the attorney’s fee.

 


 

6. When do I need to change my will?

 

In this life, nothing is permanent, but change is.

 

The circumstances of life change constantly. If you have taken steps to write a will, you can be certain that your circumstance and the makeup of your estate will change from time to time. It is important that you do not procrastinate to get your will amended or even rewritten as these changes in life occur.

 

Here are some common events that should nudge you to change your will: marriage, divorce, a new baby, stepchildren, named heirs pass away, you move from a common-law property state to a community-law property state or vice versa, you dispose of or purchase significant assets, guardianship is no longer needed for your adult children, you change your mind about your bequests to heirs, you wish to add or change a charitable beneficiary.

 


 

7. Do I need an attorney to write a will?

 

Some states allow an individual to compose a will. If it is properly witnessed and signed, many Probate Courts will accept such a will.

 

However, most people have no idea how to get started with such a task. They wonder if they will adequately cover all the bases in a self-authored document.

 

A will is a very important legal document, and it is wise to employ the expertise of a qualified attorney. A will is one of the least expensive legal documents you would pay for, but a well-written document could save your heirs much more in dollars and hassle.

 


 

8. What is the role of an executor or personal representative?

 

An executor or personal representative is the person you assign the responsibility to manage and distribute your estate in accordance with your will. An executor’s work will be monitored by the Probate Court. An executor does not need to be an expert in finances, probate law, or taxes. He or she can and should hire such experts that are needed for assistance. A good executor will be honest and organized, possess good common sense, and be willing to serve in this capacity. Most people will name their spouse or an adult child, or some other close heir. If possible, name someone who lives nearby and who is familiar with your financial matters. That will make it easier for the person to do chores like collecting mail, selling assets, and finding important records and papers.

 


 

9. What does probate mean?

 

Probate refers to the review or testing of a will before a court to ensure that the will is authentic and the estate is distributed properly. If there is no valid will, then the Probate Court will appoint an administrator of the estate to facilitate the estate’s distribution in accordance with state law.

 

Probate can be expensive and time consuming, and a good estate plan minimizes the cost and time for your loved ones. Your non-probate assets are any assets in your estate that will pass to heirs or charities without involving Probate Court. Examples include jointly held property such as real estate, jointly held bank accounts, and beneficiary designations in a life insurance policy or qualified retirement plan. Additionally, some people title all their property to a living trust, and at death, the named trustee will distribute or manage assets in accordance with the trust document. The trust and assets possessed by the trust are not reviewed by the Probate Court. In states where probate fees are expensive, a living trust can save on those costs. Also, those who own property in another state may want to consider a living trust so that they do not have to deal with two Probate Courts.

 


 

10. Legal language you can take to your attorney.

 

It’s very simple to make a gift to St. Anthony of Padua Catholic Church in your will or trust. Give this legal language to your attorney to make it even simpler!

The gift planning information presented on this site is intended as general. It is not to be considered tax, legal, or financial advice. Please consult your own personal advisors prior to any decision.