What is a bequest?
Through a will or living trust, your clients can relay what matters most to them and have their interests put into action upon death.
There are two common types of bequests:
- Specific Bequest. Donor gives a specific amount or asset such as cash, stock, or real estate upon death.
- Residuary Bequest. Donor gives all or a portion of his/her remaining estate after estate-related expenses and specific bequests have been paid.
Keep in mind that most people leave an estate when they die. Charitable gifts from these estates, large and small, can be made simply by naming Thrivent Charitable Impact & Investing in their wills and/or living trusts.
- Donor creates a fund online or completes a Fund workbook. All gifts made to Thrivent Charitable are placed in the donor's charitable fund to benefit the donor's selected charities over time.
- Once we receive the Fund workbook, we draft a document called a Fund Agreement. This document will be sent to the donor for signature and will be countersigned by Thrivent Charitable. The purpose of this document is to list the charities the donor wishes to benefit from and govern the administration of the donor’s charitable fund. The donor may change the charitable beneficiaries at any time by revising the Fund Agreement.
Donor updates language in will or living trust. Following are sample provisions that a donor may insert in his or her will or living trust (subject to individual attorneys’ styles and state restrictions):
Specific Bequest:I give to Thrivent Charitable Impact & Investing, a Minnesota nonprofit corporation, [asset or amount to be gifted], for the benefit of the [insert Charitable Fund name].
I give, bequeath and devise all of the rest, residue, and the remainder of my estate to Thrivent Charitable Impact & Investing, a Minnesota nonprofit corporation, for the benefit of the [insert Charitable Fund name].
If the donor wishes to include our tax identification number in the documents, it is 41-1802412. Charities the donor recommends to benefit should not be included in the donor’s will or living trust agreement, they are named in the Fund Agreement on file at Thrivent Charitable.
If specific charities to be benefited through Thrivent Charitable are listed in the will or living trust, we may not be able to accept the bequest because of limitations imposed upon us as a community foundation, specifically dealing with our variance powers.
- Clients who can’t afford to make a gift now, but wish to benefit charity upon death;
- Clients who wish to benefit charity, but want the option to change their minds down the road;
- Charitably-minded clients who have no heir(s); and
- Clients who wish to benefit an heir(s) with specific gifts, then charity with the remainder of their estates.
- The amount bequeathed to charity is given free of federal estate tax;
- Making a bequest costs the donor nothing during lifetime (except legal fees); and
- Having no will (or revocable living trust) may subject the donor’s property to be distributed according to state law without regard for the donor’s needs or intentions.
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Our team of charitable gift planners utilizes deep charitable expertise to expand your clients' options and help meet their giving goals. Our collaborative approach will allow you to maintain your current client relationships while we provide the most relevant advice that aligns with your clients' financial priorities.
From left to right: Cindy Aegerter, Ben Boline, Nikki Johnson, Greg Shamey