An easy way to donate to the YRCC that benefits the residents and communities in the Yarnell region is through a bequest. Your gift of personal property through a Will or Living Trust allows your commitment to improving the health of the region's residents and communities to be sustained. Your gift will be acknowledged by a plaque in the YRCC's dining room and in all YRCC publications. When developing your estate plan with your tax advisor and lawyer consider giving to the YRCC through your Will or Living Trust. Always consult your financial and legal advisors when making decisions about your estate. The following only provides basic information about bequests.
Wills and Living Trusts Donating to the YRCC through your Will or Living Trust does not provide you with an immediate tax benefit, but it does provide your beneficiaries with a reduction in the estate tax. Your charitable deduction as declared in your Will can be in the form of cash (e.g., designating a bank account), or property (e.g., the title to a house or land). Having a Will alone does not allow your estate to avoid the time and costs of probate. When you have a Living Trust, your trustee can transfer your property quickly and easily without probate. Charitable bequests may be unrestricted or restricted. . Unrestricted: an unrestricted bequest enables the YRCC to use the funds provided to meet the areas of greatest need.
. Restricted: A restricted charitable bequest requires the YRCC to use your gift in a specific manner.
There are four basic types of bequests you can make through your Will: . 1. Pecuniary Bequest: A fixed stated sum of money designated in your Will.
. 2. Specific Bequest: A designated or specific item of property that may be sold by the organization to use the proceeds.
. 3. Residuary Bequest: A gift of all or a portion of your assets after all other bequests have been made, and debts and taxes are paid.
. 4. Contingent Bequest: A gift made on the condition of a certain event happening.
Accounts in Trust One of the simplest ways to make a bequest to the YRCC is by opening or changing the legal ownership of an existing bank account so that it is in trust for the YRCC. Commonly known as "payable on death" (POD) or "transfer on death" (TOD) accounts. POD/TOD accounts can be Certificates of Deposit, or brokerage accounts.This is not a form of joint ownership. You retain complete ownership and control over the funds in the account, while you are living. Whatever remains in the account at your death is transferred to the YRCC without going through probate.