Navigating the Future: Understanding Bequests and Estate Planning
Estate planning is a crucial aspect of financial well-being that ensures your assets are distributed according to your wishes after you're gone. One of the most common types of planned gifts within estate planning is a bequest, a testamentary gift that allows you to leave a lasting impact on the causes you hold dear. In this article, we'll delve into the world of bequests, estate planning, and how you can include organizations like The Foundation of the Diocese of Raleigh in your plans.
The Basics of Bequests and Estate Planning
Estate planning involves making arrangements for your assets, properties, and belongings, to be distributed to your beneficiaries in the most efficient and organized manner possible. It's an essential process for everyone, regardless of the size of their estate. Bequests, as a subset of estate planning, are provisions made in your will that designate specific assets or a portion of your estate to be given to charitable organizations or individuals upon your passing.
The Connection Between Estate Planning and Planned Giving
Planned giving refers to the intentional act of making charitable contributions during your lifetime or through your estate.
Bequests are one of the cornerstones of planned giving, allowing you to leave a legacy and support the causes you believe in. By incorporating charitable gifts into your estate plan, you can contribute to the betterment of your community or society as a whole, even after you're no longer here.
Including the Diocese of Raleigh in Your Estate Plans - Leaving a Lasting Legacy
Bequests and estate planning offer a unique opportunity to leave a lasting legacy that reflects your values and priorities. By including The Foundation of the Diocese of Raleigh, your Parish, or a ministry in your estate plans, you're contributing to the continued growth and positive impact of your chosen cause.
Charitable Estate Planning is a powerful tool that allows you to shape the future even after you're no longer here. Bequests, as a form of planned giving, enable you to support the causes you care about deeply, ensuring your philanthropic efforts extend beyond your lifetime. By following the steps outlined and seeking professional guidance, you can make a meaningful difference through your estate plans and leave a legacy that resonates for generations to come.
For those looking to support the Diocese of Raleigh through their estate plans, there are several steps to consider:
1. Consult an Expert:It's advisable to consult with an estate planning attorney or financial advisor who specializes in planned giving. They can guide you through the legal and financial aspects, ensuring your wishes are accurately reflected in your estate plan.
2. Identify Your Goals:Determine how you'd like to support the Diocese of Raleigh. Whether you're interested in contributing to a specific project, endowment, or general funds, clarifying your goals will help shape your bequest.
3. Choose the Type of Bequest:There are different types of bequests to consider, including specific bequests (gifts of a particular asset), residual bequests (a percentage of your estate after other gifts are fulfilled), and contingent bequests (gifts based on certain conditions). Select the type that aligns with your preferences. It might be a good time at this stage, to contact the staff at The Foundation to discuss the various options for your intentions.
4. Draft Your Will:Your will is a legal document that outlines how your assets should be distributed after your passing. Work with your attorney to draft or update your will to include your bequest to The Foundation (Diocese of Raleigh).
5. Notify the Diocese:While not required, informing The Foundation and/or the Diocese of your intention can help them plan for the future and express their gratitude for your support. The Fr. Thomas F. Price Catholic Heritage Society recognizes individuals who have included a parish, school, the Diocese of Raleigh, or any institution of the Diocese, in their estate plan. Learn more by clicking here.
6. Review and Update:Life circumstances change, so it's essential to periodically review and update your estate plan to ensure it remains aligned with your wishes.
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