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Wills & Bequests |
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(Part of a series of articles on charitable giving and the Union County Foundation by David Vollrath - Exec. Dir.) Most of us find that our lives are so busy that just making it through today consumes all of our time and energy. Because we are so focused on the present, very few of us give proper consideration to the future. According to the Central Ohio Planned Giving Council less than 50% of the people in Franklin County have wills and less then 3% of the wills settled in Franklin County contain a charitable bequest. I think these alarming facts do not reflect apathy but rather reflect a general lack of understanding regarding the importance and ease of writing a will and including bequests. One of the primary goals of the Union County Foundation is to promote charitable giving in Union County. One very easy way to address your personal charitable giving is by simply making sure you have a will and that your will includes your charitable bequests. This can be done very easily with minimal effort and expense through one of the many talented local attorneys in this County. But you have to take the first step and initiate the process. You may be asking “Why should I bother to leave anything to charity, why should I leave a legacy?” Well, the simple answer is that we can positively affect the quality of life for future generations. According to Leave a Legacy of Central Ohio, over the next 50 years the wealth accumulated by today's older generation will pass to the next generations in an amount in excess of $100,000,000 in Central Ohio alone. If we are intentional about our charitable giving we can make a significant positive impact on Union County and its communities. Why do I need a will? Without a will, the laws of Ohio will determine how your assets are divided, and your local church, YMCA, hospital, etc. will not be a part of that distribution. A simple will assures that your assets are directed where you want them to go, rather than where the State thinks they should go. What is a bequest? A bequest is a simple designation in a will of a gift to a specific recipient. It is a transfer of assets at death to one or several non-profit organizations for charitable purposes. If you already have a will you can easily add a charitable bequest by adding a codicil to your existing will through the help of your attorney. If you don’t have a will simply contact your attorney and he/she will make sure your charitable intent is fulfilled by a will and that the document is legal. Bequests can be a certain percentage of your estate, a specific asset, or a specific dollar amount. That decision is totally up to you. The Union County Foundation is uniquely structured to assist with your bequests. A bequest to the Foundation could benefit any of our over 27 different charitable funds housed within the Foundation. Your bequest could initiate a new donor advised fund to support causes of your choosing or even start a scholarship fund in your family's name. The possibilities are endless but unless you take action they simply remain possibilities. Make sure you have a will with properly thought out bequests. If you have additional questions on these or other charitable giving topics please call us at 642.9618, email us at commfounduc@imetweb.net, or stop by our Marysville office at 126 N. Main St. We hope you make the decision to.... “preserve your footprint in time.” |
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