Bequests and Beneficiary Proceeds
Give later: Bequests
Most people leave an estate when they die. Charitable gifts from these estates, large and small, can be made simply by naming Thrivent Charitable in your will and/or living trusts relaying what matters most to you to have your interests put into action.
Including bequests in your plan
There are two common types of bequests:
- Specific Bequest. Give a specific amount or asset such as cash, stock, or real estate upon death.
- Residuary Bequest. Give all or a portion of your remaining estate after estate-related expenses and specific bequests have been paid.
How do I make a bequest to Thrivent Charitable?
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Create a fund . All gifts made to Thrivent Charitable are placed in your charitable fund to benefit your cherished charities over time. - Once we receive the Fund Workbook, we will establish your fund based on information in the workbook including the list of charities you wish to benefit and govern the administration of your charitable fund. You may change the charitable beneficiaries at any time by contacting Thrivent Charitable.
- Update the language in your will or living trust. Following are sample provisions you may insert in your will or living trust (subject to individual attorneys’ styles and state restrictions):
Specific Bequest:
I give to Thrivent Charitable, a Minnesota nonprofit corporation, [asset or amount to be gifted], for the benefit of the [insert Charitable Fund name].
Residuary Bequest:
I give, bequeath and devise all of the rest, residue, and the remainder of my estate to Thrivent Charitable, a Minnesota nonprofit corporation, for the benefit of the [insert Charitable Fund name].
If specific charities to be benefited through Thrivent Charitable are listed in your will or living trust, we may not be able to accept the bequest because of limitations imposed upon us as a community foundation, specifically dealing with our variance powers.
Is a bequest the strategy for me?
- Those who can’t afford to make a gift now, but wish to benefit charity upon death.
- Those who wish to benefit charity, but want the option to change their minds down the road.
- Charitably-minded individuals who have no heir(s).
- Those who wish to benefit an heir(s) with specific gifts, and then charity with the remainder of their estates.
What are the potential tax and financial benefits of a bequest?
- The amount bequeathed to charity is given free of federal estate tax.
- Making a bequest costs you nothing during your lifetime (except legal fees).
- Having no will (or revocable living trust) may subject your property to distribution according to state law without regard for your needs or intentions.
What resources are available to me to learn more about bequests?
If you would like to learn more before speaking with your financial advisor, we have a couple resources available for you to explore:
Give to charities upon your death (PDF)
Charitable strategies: Bequests & beneficiary proceeds (Video)
We make the process easy
Using our charitable expertise we can help you make your individual vision a reality. We'll take the anxiety and complexity out of giving, so you can experience the joy of making a difference.
Contact us for support.
Donors must itemize deductions to receive a charitable income tax deduction. Charitable giving can result in tax, legal and financial consequences. Thrivent Charitable™ does not provide legal, accounting or tax advice. Consult your attorney or tax professional.