HOW TO MAKE A GIFT BY WILL
Making a gift by will is easy. What follows are guidelines and suggestions for naming the First Unitarian Universalist Church of Richmond, Virginia or the First Unitarian Universalist Church of Richmond, Virginia Endowment Fund to receive a gift from you through your Last Will and Testament.
(Gifts to the church can be spent outright as either part of the operating budget or for special expenditures. Gifts to the church endowment are invested and only the income generated from that investment can be spent.)
Here you will find basic information about different kinds of estate gifts, including sample language you may use in your legal documents. Most of this information may be used to make a gift through a family trust, a life insurance policy, or an individual retirement account.
GENERAL / SPECIFIC BEQUESTS
Like other sorts of gifts, bequests can be given for general or specific purposes and uses.
A Bequest for General Purposes: This type of bequest is especially appreciated because it can be put to use where there is greatest need. A bequest made without restrictions usually is added to the permanent unrestricted endowment, providing general support that may last forever.
A Bequest for Specific Purposes: Many people want to give to something special, a type of gift sometimes called a “restricted bequest.” Restrictions are often designed in consultation with First UU Finance or Endowment Committee who can help you craft language that will ensure your gift will do what you want it to do.
RESTRICTED / UNRESTRICTED BEQUESTS
Both restricted and unrestricted bequests are made in the following ways:
Specific Bequest: Give a specific asset or collection of assets in the form of cash, securities, or other property. Retirement plan benefits, IRAs, savings bonds, and other items known as “income with respect to a decedent” (IRD) are particularly tax effective gifts to charity. You may designate an amount or a percentage of the property.
Percentage of your Estate: Give a percentage of your total estate.
Residuary Bequest: Give all or a percentage of what remains of your estate after all specific bequests have been satisfied and debts and expenses have been paid. You may specify that charitable gifts be fulfilled first with IRD assets to the extent needed to reduce your tentative estate tax.
Contingent Bequest: Give all or a portion of your estate in the event that a named beneficiary is not alive when you die. This type of bequest can avoid costly litigation or prevent property from reverting to the state for lack of heirs.
Testamentary Charitable Remainder Trust: A trust document is created during your lifetime, with a “pour-over” will to designate which assets are to be placed in a trust with the income paid to one or more beneficiaries for their lifetimes. Upon the death of the last income recipient, or after a term of a specified number of years, the trust terminates and assets are transferred to First UU, completing your gift.
Please share the following suggested bequest language with your attorney to assist in drafting a will, codicil or living trust that will achieve your charitable estate plans.
I give all my real and personal property to the First Unitarian Universalist Church of Richmond, Virginia, located at 1000 Blanton Avenue in Richmond, Virginia, for its unrestricted use.
I give _____ [$ amount, description of property, or % of estate] to the First Unitarian Universalist Church of Richmond, Virginia, located at 1000 Blanton Avenue in Richmond, Virginia, for its unrestricted use.
I give all [or _____ %] of my remaining assets of any kind to the First Unitarian Universalist Church of Richmond, Virginia, located at 1000 Blanton Avenue in Richmond, Virginia, for its unrestricted use.
Restricted Bequest to the Permanent Endowment
I give _____ [$ amount, description of property, or % of estate] to the First Unitarian Universalist Church of Richmond Endowment Fund, located at 1000 Blanton Avenue in Richmond, Virginia, to be invested according to the endowment policies and bylaws of First Unitarian Universalist Church of Richmond, Virginia, income only to be used for the general purposes of the church [or for a specific purpose].
NOTE: The language for the endowment in the last example can be inserted in any of the above paragraphs for other types of bequests. See the the First Unitarian Universalist Endowment Fund page for more information including how to make bequests to it.