Frequently Asked Questions
What Is A Bequest? Bequests are the actual gift disbursals that result, upon one's passing, from a specifically worded commitment in a will or trust agreement. Bequests are unlike any other gifts we receive because they represent individuals' final statements about what is most important to them. Every bequest is a powerful expression of loyalty, good will, and faith in the future of us and our mission.
I'm Not Wealthy, Can My Bequest Still Make A Difference? You do not have to be wealthy to create a legacy. A bequest of any size can be significant in helping to preserve our mission and our reach.
I have a will. Do I need anything else? In addition to a will, most experts recommend that you have a durable power of attorney, which allows another person to act on your behalf should you become incapacitated. Also, a living will is helpful to your heirs in that it directs at which point you do not want your life artificially supported.
Can bequests be handled in a living trust? Certainly. You may wish to consider a living trust as an estate planning tool. More information is available. Living trusts may be either revocable or irrevocable and there are advantages and disadvantages to consider in both.
What happens to my personal possessions? Personal possessions are best distributed through a tangible personal property memo in which you list the personal items you wish to give to specific people. Your will must mention the existence of this memo and you should keep a copy of it with your will.
If a trust agreement is established as irrevocable, it means that it can't be revoked (broken) except under unusual circumstances. Why would anyone want an irrevocable trust? There are always specific reasons for making an irrevocable trust agreement. Perhaps it involves a family business where some of the family members are getting on in years and the family wants to make certain that management continues to run smoothly even if hindrances, such as senility, enter the picture.
Many times the reasons for an irrevocable trust involve estate and/or income tax avoidance. In order to be successful in such avoidance, the trustor must not have any direct or indirect power or control over the trust property or income. The Internal Revenue Code and the accompanying Regulations should be carefully followed when considering irrevocable trusts.
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