Planned Giving
No matter what your age or state of life, it's never too early to think about the final opportunity you will have to communicate your most personal wishes to family and loved ones. Knowing that the legacy you choose to leave through your Last Will and Testament will have a positive impact on your family and loved ones well into the future can be tremendously fulfilling.
WHY DO YOU NEED A WILL?
Many - most typically the young or those who feel their estate is small - believe that a will is an unnecessary expense. But your will need not be an economic burden. Even when there is not a large amount of property to distribute, your will is the legal avenue for addressing a number of issues, including:
- Making gifts or transferring ownership to those you choose. Distributing assets of property is what many believe is the primary function of a Last Will and Testament. Whether passing on an heirloom or dividing your assets in a way that considers the objectives and needs of all involved, your will gives you the opportunity to make your wishes known.
- Naming your choice as legal guardian for minor children. When a parent dies without a personal will, there are no legal instructions for guardianship. Therefore, the court is forced to make a decision without being privy to your wishes for the long-term care of your children.
- Naming your personal choice as executor of your estate. An individual must be named to compile a list of everything that comprises your estate. Through your will, you may identify this individual. Without a will, the court will name an administrator; and the result may be a stranger completing your personal affairs.
- Avoiding the expense of a bond. If you die without a will, your estate will incur the unnecessary expense and delay of having to post a bond before it can go to probate.
- Reducing estate tax liability. Under current law, every individual is afforded a credit, which offsets any estate tax liability up to $675,000 in estate value. This amount will gradually increase to $1,000,000 during the next few years. To take advantage of this credit, a properly prepared will must exist. Further, bequests to qualified charitable organizations reduce estate taxes when the estate value exceeds $675,000.
In the absence of a will that articulates your personal wishes, our state will resort to a one-size-fits-all document. A judge will name an estate administrator; bond may have to be posted; the court will name a legal guardian for any minor children; and a predetermined formula will determine the distribution of all your assets and the individuals who will receive them.
When this occurs, any estate tax liability is maximized, and usually our state's idea of a last will and testament will not do justice to the personal touches most of us would like to bring to these final issues.
Leaving A Legacy
The charitable bequest provides a way for virtually anyone to express specific philanthropic wishes. In fact, the charitable bequest represents the easiest and most frequently used methods for supporting charities in America.
A charitable bequest to the Arlington Public Library may take on a number of forms, including:
- A specific dollar amount
- A specific asset or group of assets, or
- A percentage of the residual value of the estate.
In addition, the language of your will can designate whether your gift is to be used for general purposes or to support a specific program. The philanthropic spirit is given a voice when wishes are expressed in your Last Will and Testament. Through this document, you can truly Leave A Legacy!
Library Legacy Society
The Society is a special organization of friends who embrace the Arlington Public Library's mission and work by naming the library in their personal financial and estate plans. If you have included the library as a beneficiary in your will or if we can provide you with additional information to help you establish and/or revise your will to meet specific planning and charitable objectives, we invite you to contact us at 817-459-6924.
Making a Bequest
Language you can include in your will to make a bequest to the Arlington Public Library:
To Bequeath a Specific Amount
I bequeath the sum of $__ to the Arlington Public Library Foundation, located in Arlington, Texas, for use in (state the purpose for which you wish your bequest to be used, or indicate "general purposes").To Bequeath a Specific Asset
I bequeath (state or describe the asset to be given), owned by me at the time of my death, to the Arlington Public Library Foundation, located in Arlington, Texas, to be used for their stated charitable purposes.To Bequeath a Percentage
I bequeath __% of the property owned by me at my death, both real and personal, to the Arlington Public Library Foundation, located in Arlington, Texas, for use in (state the purpose for which you wish your bequest to be used, or indicate "general purposes").This material and a sample Codicil to Last Will and Testament are presented as an information service, and are not intended to replace specific professional advice provided by personal planning advisors.