Planned Giving Myth #4
Bequests are irrevocable, so I do not want to make one because if I change my mind I would be stuck with my earlier decision.

When making a legacy gift to a charitable organization, people can, understandably, be concerned about what happens if they change their mind about the gift sometime in the future. We know that life is unpredictable and there are times when illness, disability or other unforeseen life changes occur. There are also instances when you no longer feel as strongly about a cause as you once did and would rather leave your legacy to another charitable organization. When these things occur, it is nice to know that most planned gifts – with the exception of charitable gift annuities and trusts – are revocable.

The most common planned gift to charitable organizations is a bequest through a person’s will. People leave a percentage, dollar amount, or certain assets within their estate to a charitable organization while drafting or re-drafting their will. Wills are revocable. You can change your will at any time by meeting with your lawyer and discussing what you would like to change.

Any planned gift that you make by declaring a charitable organization as your beneficiary (i.e. life insurance policies, IRAs, KEOGHs, 401Ks, etc.) is also revocable. In fact, these gifts are often the easiest to make and the easiest to change. Simply request a beneficiary designation form from the company that has your plan and change your designated beneficiary. Some plans even allow you to make the change online; it doesn’t get much simpler than that.

If you have the desire to make a planned gift to your favorite charity, there will always be a way for you to make it work. And you don’t need to worry if your plans change in the future, because your gift is not set in stone.

If you have any questions or would like to talk with someone about the prospect of leaving the Sisters of St. Joseph of Carondelet Ministries Foundation in your estate plan, please contact Lisse Regehr, Planned Giving Officer, at 651.690.7092 or lregehr@csjstpaul.org.

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