You can leave a future legacy in your will or trust. It may be a specific amount of cash, stock, bonds, real estate or other assets or it may be a percentage of your entire estate. As indicated, such a gift may be revised or revoked at any time.
Speak with a trusted financial advisor to ensure that your vision is realized. Share sample language with your attorney. Following is language for certain commonly bequeathed assets.
“I give, devise and bequeath to the Oliver Wolcott Library (Inc.?) existing under the laws of the State of Connecticut, the sum of $___, to be used (as an unrestricted gift) for its general corporate objectives and purposes.”
“I give, devise and bequeath to the Oliver Wolcott Library Inc., existing under the laws of the State of Connecticut, all of the right, title and interest to the real estate located at (INSERT ADDRESS OR DESCIPTION OF PROPERTY), for its general use and purposes.”
“I Give, devise and bequeath ____percent (__%) of my total estate, determined as of the date of my death, to the Oliver Wolcott Library, Inc., existing under the laws of the State of Connecticut, for its general use and purposes.
“I give, devise and bequeath to the Oliver Wolcott Library, Inc., existing under the laws of the State of Connecticut, all (or a percentage) of the rest, residue and remainder of my estate to be used by the Oliver Wolcott Library Inc. for its general use and purposed.”
Specific Personal Property
“I give, devise and bequeath (description of property) to the Oliver Wolcott Library, Inc., existing under the laws of the State of Connecticut, for its general use and purposes.”
Most assets can pass to your intended beneficiaries by the terms of your will. Sample language has been provided above. However, other assets such as retirement plans, life insurance and insurance annuities are not controlled by the terms of your will. These assets require that you fill out separate beneficiary forms.
Most retirement plans such as IRAs and 401(k)s are tax deferred until until funds are distributed. A gift of such retirement funds to a charity is not taxable to you or the charity, thus bypassing the tax that would otherwise be imposed on funds distributed in your lifetime or to loved ones after death.
You should be aware that other assets requiring beneficiary forms include life insurance and insurance annuities. You should discuss these with your advisor.
To explore ways to support OWL’s future by planned giving or memorial giving, please get in touch with Ann Marie White, Library Director, at awhite[at]owlibrary.org or 860-567-8030.