You know a will is vital when it comes to distributing your assets to the people and causes you care about, but did you know that creating one has personal benefits? This is particularly apparent when you use it to give a gift to an organization you love, such as UMBC.
Here’s how including a charitable gift in your will benefits you:
- It can lessen anxiety. Thinking and planning ahead can make it less daunting to talk about what happens when you’re gone. How? It gives you reassurance that the people and causes close to your heart are taken care of.
- It can lend perspective. Taking stock of what’s important can help you focus on your goals and be more aware of how you want to impact the world.
- It sets an example. Your gift can be an inspiration. Your story can have a ripple effect on your loved ones or others you share it with.
- It just feels good. Giving makes you feel good. Really, it does. Research shows that the act of giving reduces stress-related activity in one area of the brain while increasing reward-related activity in another.
- It can be adjusted. A gift in your will is revocable, which means it can be changed at any time—that includes the amount, the assets, and the area of purpose you are supporting. You are free to alter your plans as needed to reflect life’s changes.
- It reflects your personal legacy. A gift in your will is your opportunity to contribute to a cause that’s meaningful to you and have it extend beyond your lifetime.
- It is versatile. Through your will, you can give a specific item, an amount of money, a gift contingent upon certain events, or a percentage of your estate. You can balance your generosity to us with an assurance that loved ones are taken care of first. Estate planning professionals often counsel their clients to have an annual or biannual estate plan “checkup” to ensure that the most recent version of their will reflects their wishes.
- It is likely to be the biggest gift you’ve ever given. The assets in your estate reflect a lifetime of your work and investments. Giving a gift through your will is likely to be the largest donation—and largest impact on a cause you care about—you’ve ever made.
- It allows you to enjoy your assets today. Because the distribution of your assets occurs after your lifetime, you retain control of your assets.
- It makes a huge difference. When you give a gift in your will, you are making that organization part of your family. Your generosity is deeply felt.
Of course, loved ones are the first people to consider when drafting your will. Then, think about the nonprofits you want to support. Providing for institutions and causes you care about, such as UMBC, is an excellent way to demonstrate your values, help you gain a better understanding of what’s important to you, and set an example for others to follow.
We Can Help
Every gift is meaningful and helps us continue our mission. Contact Greg Simmons at 410-455-2902 or firstname.lastname@example.org to discuss how your will can make a difference.
Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. California residents: Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. Oklahoma residents: A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.