Text Resize

Learn About Wills

Wills Videos
There are a variety of ways to plan for your family and loved ones with a will or living trust.

Watch a Video

Wills Videos
There are a variety of ways to plan for your family and loved ones with a will or living trust.

Watch a Video

Benefits of Your Bequest

  • Leave a lasting legacy to be remembered.
  • Lessen the burden of taxes on your family.
  • Possible estate tax savings.

How Do You Make a Bequest?

A bequest is one of the easiest gifts to make. With the help of an advisor, you can include language in your will or trust specifying a gift to be made to family, friends or Case Western Reserve University as part of your estate plan.

Click here to review sample Bequest Language.

Your Bequest Options

A bequest may be made in several ways:

  • Gift of a specific dollar amount or asset
  • Gift of a percentage of your estate
  • Gift from the balance or residue of your estate

Beneficiary Designations

Certain types of assets can transfer outside the provisions of a will. Among them are individual retirement accounts (IRA’s), retirement plans (401k and 403b), profit sharing plans, life insurance, and financial accounts such as savings, checking and investment. Ownership of these assets may be passed through beneficiary designation. A beneficiary designation form is available from your financial institution or plan administrator.

A beneficiary can be one or more individuals or charitable organizations such as CWRU. There are two types of beneficiaries:

  • Primary beneficiaries are first in line to receive the designated asset upon death.
  • Secondary (or contingent) beneficiaries receive the asset if there are no surviving primary beneficiaries upon death.

There can be significant advantages for beneficiary transfers to charity. As example, charities such as CWRU don’t pay income tax on retirement account assets, but other heirs do. Charitable designations can also reduce the size of your taxable estate if it is subject to estate taxes. Finally, charity designations make it possible for you to have full use of your assets during life, providing you maximum flexibility to meet your goals throughout the years.

Please contact us to learn more about the benefits of making a charitable gift.

Online Wills Planner
Wills Videos
There are a variety of ways to plan for your family and loved ones with a will or living trust.

Watch a Video

scriptsknown