Naming a charity as a life insurance beneficiary is simple. Write in the charity name and contact information when you choose or change your beneficiaries. You can name multiple beneficiaries and specify what percentage of the death benefit should go to each.
An alternative is to name a charity as a contingent beneficiary. If your primary beneficiaries can’t accept the benefit, the charity would get your insurance payout.
There’s no federal tax benefit or state tax benefit for naming a charity as your life insurance beneficiary, and you can’t write off your premium payments as a tax deduction.
Banks don’t generally require or usually even request holders of checking accounts to name a beneficiary. As a result, many checking accounts and savings accounts may not have a beneficiary. Generally speaking, it’s up to you to ask about naming a beneficiary. Otherwise, you may not even be presented with the option. And, not all banks allow this option.
The big benefit of naming a bank account beneficiary is that it allows the funds in the account to bypass the probate process after you die. Unless a beneficiary is named, any money in your checking or savings account will become part of your estate after you’re deceased. Then it has to go through probate before any of your heirs can access it.
To name a beneficiary, you’ll likely be asked to fill out a form. Some bank beneficiary account rules let you do the process online. In either event, it’s generally not complicated or difficult and doesn’t require you to find a notary.
Last Will and Testament
A bequest is one of the easiest gifts to make. With the help of an advisor, you can include language in your will or trust specifying a gift be made to family, friends or Agape Ranch as part of your estate plan.
A bequest can be made in several ways:
You can gift a specific dollar amount or asset
You can gift a percentage of your estate
You can gift from the balance or residue of your estate
You can make a beneficiary designation of certain assets
Agape Ranch urges all prospective donors to seek the assistance of personal legal and financial advisors in matters relating to their gifts, including the resulting tax and estate planning consequences. The information above is intended to provide general information on gift giving and should not be used as specific legal, tax, or investment advice.