For we brought nothing into the world, just as we shall not be able to take anything out of it. 1 Timothy 6:7
If you are passionate about supporting the Catholic Church in northwest Missouri, making a beneficiary designation might be the easiest way to help. You can designate property for your favorite parish, school or ministry. You can use a relatively simple form that is entirely separate from but coordinated with, your will or trust. Accordingly, this method of giving is very easy.
Most banks, insurance companies, or other financial institutions (including managers of IRA accounts) can send you a “beneficiary designation form” upon request. By filling out the form, signing it, and submitting it to the manager, you employ this giving tool. You can review and flexibly adjust your designations at any time your wishes change. None of this requires the assistance of legal counsel, though you probably should consult your planner(s) in connection with your overall goals. Property so designated passes “outside the will or trust,” as such a designation takes priority over other planning methods.
Click here for guidance on how to denominate your intended beneficiary. Your gift can be made as a dollar amount, percentage, residue, or specific property. You can use this method with many types of property – like retirement plans or life insurance to name a couple. You must carefully describe the property to which your designation applies by reference to any identification or policy numbers.
Please give us a call or email if you have questions.