Only 5.3 percent of those over the age of 50 have made a charitable bequest commitment, although 33 percent of Americans are willing to consider a charitable bequest. The term “charitable bequest” is used to describe anything a person gives or leaves to charity from their estate through a will or a revocable trust. An estate is any property, money or personal belongings that a person has at the time of their death. Most people leave an estate when they die, even though they may not have significant wealth. Even an individual with a small estate can arrange to leave a charitable bequest.
Individuals choose a bequest because:
- It is not payable until death, so it does not affect a person’s assets or cash flow during their lifetime.
- It is revocable — a person can change the provisions in their will or trust at any time.
- A person’s giving options are increased and will be appropriately recognized by the charity, or a donor may instead choose to remain anonymous.
Even many donors with large families choose to leave a charitable legacy to set an example for posterity on the importance of prudently managing their inheritance and making a difference. Millions of dollars each year are invested in Iowa State University from the estates of our donors and their legacy at Iowa State lives on!
For more information on charitable bequests, please contact the ISU Foundation’s Office of Gift Planning at 800.621.8515 or email the ISUF Gift Planning team at firstname.lastname@example.org.