Everyone Needs a Will

Every adult should have a carefully planned Will as the basis of his or her estate plan regardless of the value of assets accumulated.  A Will is necessary even if other planning arrangements, such as a Living Trust or jointly titled property, are in place.

 A valid Will is a legal binding document that can help guarantee your objectives at death – your legacy – will be honored.  A Will is a document written and executed in accordance with formalities prescribed by state law.  It is, therefore, recommended that you secure the assistance of a competent attorney licensed in the state where you reside.

Your Will is one of the most important documents you will ever sign.  It is by means of your Will you are able to:

• Distribute assets accumulated during lifetime.

• Contribute to the financial security of your heirs and beneficiaries. 

• Benefit causes and charities you hold in esteem.

• Memorialize yourself and other loved ones.

• Minimize taxes your estate will owe.

• Maximize the assets your beneficiaries will receive.

Types of Bequests

There are several forms or methods of transferring properties under the terms of a Will through bequests.  For use here, the term “beneficiary” refers to both single and multiple recipients.

A specific bequest directs that a specific item or items be given to a beneficiary.

Example:  I bequeath my diamond rings to my daughter, Mary Smith.

A general bequest directs that a specified amount of money or percentage of your estate be paid to a beneficiary.

Example:  I bequeath $25,000 to my son, Joe Smith (absolute).  Or, I bequeath 25% of my cash assets (variable) to my son, Joe Smith.

A residuary bequest directs that a beneficiary receive all that remains in an estate after payment of funeral costs, debts, taxes, administration and probate costs, and specific and general bequests have been made.

Example:  The residuary of my estate is to be divided between my daughter, Mary Smith, and the Missionary Oblates of Mary Immaculate.

A contingent beneficiary may be named in your Will to receive bequests intended for the primary beneficiary in the event the latter dies first. Under the laws of most states, if a beneficiary of your Will dies before you, that bequest will be void and the property will pass to any residuary beneficiary you have named.  If the residuary beneficiary has not survived, the property may pass under the intestacy laws of your state. Charities are often named as contingent beneficiaries.

There are several types of bequests to Charities.  We hope you will consider naming the Missionary Oblates of Mary Immaculate, Belleville, IL  62223 as a beneficiary of your Will (our legal title is: U.S. Province of the Missionary Oblates of Mary Immaculate, Inc.).  Any gift directed to the Missionary Oblates will be greatly appreciated and will help fulfill our ministries in the years to come.

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DID YOU KNOW…GIVING THROUGH LIFE INSURANCE, IRA’S, RETIREMENT PLANS?

Life Insurance

Did you know you can name your favorite charity as the first, second, or even the last beneficiary of your life insurance policy?  What a meaningful way to give a gift at no additional cost to you.  All you need to do is contact your insurance company for the necessary form to complete.  And, the nice thing is that you can always change your mind if circumstances warrant.

IRA’s and Retirement Plans

Like life insurance, the easiest way to help your favorite charity is to name them as first, second, or last beneficiary of all or part of whatever is remaining in your retirement fund at the time of death.  If your retirement plan is with your employer simply ask for a change of beneficiary form.  For an IRA, simply request a change of beneficiary form from the company that handles your account.  This, too, can be revoked if you later decide someone else should receive these funds.

Bank Accounts and CDs

Most people have savings methods such as these.  As modest as the returns may be, they are still preferred by many people for safety and convenience.  They also make excellent vehicles for charitable giving, allowing you to make a future gift without presently reducing your funds.  If you have a CD or bank account you can name the charity of your choice using a beneficiary designation form provided by the bank.  Or, you can also name the charity as a second beneficiary.  That way, if the first beneficiary passes away, your funds will go to the charity. 

For additional information contact us:
Missionary Oblates of Mary Immaculate
Charitable Gifts Department
9480 N. De Mazenod Dr.
Belleville IL 62223-1160
charitablegifts@oblatesusa.org
1-800-233-6264