August is National Make-a-Will Month!
Written by Victoria Wright, Director of Planned Giving | Published: August 27, 2024
Most Americans don’t have a will or estate plan. Why? Simple procrastination! August is National Make-a-Will Month and the perfect reminder to create or update your will. To help get you started, we wanted to share a few tips on the basics of planned giving (what does that mean exactly??), and how you can honor your commitment to a sustainable future for years to come.
What is an estate plan?
Having a will is important for everyone — it lets you distribute your belongings and protect your loved ones after you pass away. Your estate plan is simply a plan you make for the things you own after you die, and the steps you can take now to make carrying out your plans as easy as possible. They make life (and death) easier for everyone.
What is a planned giving?
A planned gift, also known as a legacy gift or bequest, is a donation that you designate in your will, trust, or other estate plan. They can be established through different methods, including cash, financial assets, personal property, real estate, and beneficiary designations of retirement funds or insurance policies.
Leaving a legacy gift your will or trust is a meaningful way to support the causes that matter most to you. A charitable bequest costs you nothing now but makes a high-impact gift that will empower Population Connection’s work for years to come.
Leaving a gift in your will or trust
To make a legacy gift, or bequest, in your will or trust, you designate a portion of your estate to Population Connection—whether a percentage, a remainder, or a specific asset or dollar amount. Bequests are easy to establish and are great for people who want to make an enduring impact while having peace of mind that your future wishes will be honored. Bequests are usually made using:
- A percentage of your total assets or estate.
- The remaining value of your assets or estate after you’ve provided for your loved ones.
- A specific amount of cash, real estate, or personal property.
In order to leave a gift to Population Connection in your will or trust, you will need our:
- Full name: Population Connection
- Street address: 2120 L Street, NW, Suite 500, Washington, DC, 20037
- Tax Identification Number: 94-1703155
Here is sample bequest language you can use as a template in your will or trust:
“After fulfilling all other provisions, I give, devise and bequeath ______% of the remainder of my estate [ or $______ if a specific amount] to Population Connection [Tax ID # 94-1703155], a charitable corporation currently located at 2120 L Street, NW, Suite 500, Washington, DC 20037.”
Beneficiary designations
You can also make Population Connection the beneficiary of other assets that might not be included in your will, such as retirement accounts like IRAs, 401(k)s, 403(b)s, Donor Advised Fund balances, and life insurance policies. Beneficiary designations are a great way of making a planned gift without having to change your will! There are certain tax advantages to leaving a nonprofit as a beneficiary, as opposed to a loved one, and they are easily established using a form from your financial institution.
Gifts that provide payments for life
Another great option for leaving a planned gift is to establish a Charitable Gift Annuity (CGA). A CGA provides you with payments for life while supporting Population Connection’s work well into the future. With these types of planned gifts, you provide a generous charitable donation to Population Connection and receive payments for life that will never change.
If you are interested in establishing a Charitable Gift Annuity with Population Connection, please reach out to us directly at legacy@popconnect.org for a free illustration!
Create your will today with FreeWill
To help simplify the process, Population Connection has partnered with FreeWill, an online tool that guides you through the process of creating your will. It is free, no matter what, and can be used with an attorney to finalize your wishes.
You can learn more at www.freewill.com/populationconnection
How do you want to be remembered?
It only takes a few minutes to create your will and leave a legacy that will ensure a more sustainable planet for years to come. Leaving your legacy gift to Population Connection allows you to extend the dedication you’ve shown in your lifetime for future generations.
Contact us today at legacy@popconnect.org or 202-974-7756 for more information about creating your legacy with Population Connection through a gift in your will or other estate plan!