Planning Pointer
Your Will—Ensure Your Wishes
Posted April 2007
By simply exercising your privilege to execute a will, you decide who will benefit from your estate.
Without a will the state you live in will distribute your property—and under its distribution formula, inequities can result: undeserving individuals may be included at the expense of intended beneficiaries; tax-saving opportunities may be forfeited; the charitable causes in which you believe will no longer receive your support; your estate may suffer because of restrictive administration procedures.
The charts below illustrate possible distributions of an estate. On the left, the state has directed where the assets will go. On the right, the estate owner has directed the distribution—reducing taxes while meeting both personal and philanthropic objectives.
| Distribution by the State | Distribution by the Estate Owner |
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Charitable Bequests
Each year thousands of individuals designate a portion of their assets for the benefit of America's charitable organizations by exercising their privilege to determine the final distribution of their estate. Gifts by will have become an integral part of our philanthropic tradition because they enable a person to make significant contributions that may not have been possible during life.
These bequests can take a variety of forms. They can be made outright and specify either a certain amount or a percentage of your estate, they can be restricted to a specific purpose, and they can even be delayed if you believe one of your beneficiaries may need more support.
Example: George has long been one of our supporters and wants to make a significant bequest at his death. However, he feels his wife, Martha, will need all the income from his estate to maintain her current lifestyle. He consulted with his advisors and directed in his will that $200,000 be put into a charitable remainder trust that will make payments of $12,000 a year to Martha for the rest of her life. At Martha's death the remainder of the trust will pass to the College of Saint Rose. As a result of his planning, George is able to provide lifetime income for his wife and a significant gift to the College of Saint Rose, an option that simply would not have been available if he had not made a will.
We're Here to Help
If you would like more information about planning your will—or including a bequest to the College of Saint Rose—we would be happy to work with you. Simply contact us for assistance.