Most people need a will or living trust whether or not they use it to make a gift to The Foundation.  Benefits of having a will or living trust include:

• You decide how your property will be distributed.  Without a will or living trust, your assets will be distributed using an inflexible formula enacted by your state.
• You choose the person or institution that you wish to manage and settle your estate.  Without a will or living trust, a court will select your estate’s representative.
• You may be able to reduce estate taxes.  Careful planning can often lower the amount of taxes paid by your estate or beneficiaries while carrying out your wishes for distribution of your assets.
• You can avoid the expenses and court costs associated with administration of an estate without a will.

Knowing that you have made careful plans for your loved ones can be a source of great comfort.  Wills and living trusts are usually not as expensive as most people believe and can typically be prepared and signed with no more than one or two visits to your attorney’s office.  You are not required to make a new will or living trust in order to include The Foundation for Evangelism in your plans.  A simple codicil to your will or amendment to your living trust may be all you need to make a gift.  Whether you choose to use a will or a living trust often depends on the law of your state and the decision is one you should discuss with your attorney.

Typical Will and Living Trust Gifts

Specific Gift

This is a gift of a specific item to The Foundation.  For example, "I give all my shares of IBM that I own at my death to The Foundation for Evangelism, Lake Junaluska, North Carolina."  This type of bequest should usually only be used with items that you do not plan to dispose of prior to death.  If the item has been disposed of prior to death, The Foundation would not receive a gift as you intended.

General Gift

This is usually a gift of a specific amount of money.  For example, “I give $50,000 to The Foundation for Evangelism, Lake Junaluska, North Carolina.”  This type of gift can be satisfied from other estate assets if there is insufficient cash in your estate.

You can also provide a gift of a fractional share of your estate.  For example, "I give to my daughter, Mary Jones Doe, one-third (1/3)  of my estate, to my son John S. Jones, one-third (1/3) of my estate, and to The Foundation for Evangelism, Lake Junaluska, North Carolina, one-third (1/3) of my estate."

Residuary Gift

This is a gift of what is left over in your estate after all other gifts, debts and taxes have been paid.  For example, after providing gifts of property or money to family and/or friends, your will might provide that "I give all the rest, residue and remainder of my estate to The Foundation for Evangelism, Lake Junaluska, North Carolina."

Contingent Gift

This is a bequest made on condition that a certain event must occur before distribution to the beneficiary.  For example, "I give $30,000 to my sister, Mary Jones, provided she is living at my death.  In the event that my sister, Mary Jones, is not living at my death, I give the said $30,000 to The Foundation for Evangelism, Lake Junaluska, North Carolina."

A significant advantage of wills and living trusts is the flexibility they offer.  Provisions can be changed later if you have a significant change in your circumstances. 

Different methods can be used in wills and living trusts to make gifts to The Foundation.  If you plan to leave a gift to The Foundation for Evangelism, please think it through carefully.  Then, discuss your plans with your attorney.  If you desire, you may authorize your attorney to work with The Foundation’s Development Office in order to ensure that your intentions are carried out.