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The Catholic Diocese of Raleigh Planned Giving Newsletter semiannual publication of the Diocese of Raleigh In This IssueSpring 2015A Transformational Bequest It was a rainy December morning ZKHQZHPHWDWWKHODZRIFHV in

How to fill out a transformational bequest

How to fill out a transformational bequest

1. To fill out a transformational bequest, follow these steps:
2. Consult with an attorney or estate planner to understand the legal requirements and process for creating a bequest.
3. Decide the amount or percentage of your estate you wish to leave as a bequest. Consider your financial situation, assets, and any specific organizations or causes you want to support.
4. Determine the type of bequest you want to make. It can be a specific bequest (a fixed amount or property), a residuary bequest (a portion of your estate after other distributions), or a contingent bequest (depends on certain conditions, such as outliving other beneficiaries).
5. Identify the recipients or beneficiaries of your bequest. These can include individuals, organizations, or both. Make sure to provide their full legal names and contact details.
6. Work with your attorney or estate planner to draft the necessary legal documents, such as a will or a trust. Ensure that the bequest language is clear, specific, and legally binding.
7. Review and revise your bequest regularly to keep it up to date with any changes in your financial circumstances or personal preferences.
8. Inform your loved ones and beneficiaries about your intention to make a transformational bequest. Communicate your wishes clearly to avoid any misunderstandings or conflicts after your passing.
9. Store your bequest documents in a safe place and inform your executor or trustee about their location.
10. Consider seeking professional advice and guidance throughout the process to ensure that your bequest aligns with your goals and follows all legal requirements.
11. Finally, regularly review your overall estate plan to make sure it reflects your current wishes and circumstances.

Who needs a transformational bequest?

1. A transformational bequest may be suitable for individuals who:
2. - Want to leave a lasting impact on a particular organization, cause, or community after their passing.
3. - Have accrued significant wealth or assets and wish to allocate a portion of it towards philanthropic purposes.
4. - Have a strong desire to support specific charities, educational institutions, religious organizations, or other non-profit entities.
5. - Want to leave a legacy that perpetuates their values, ideals, or passions beyond their lifetime.
6. - Seek to inspire and create positive change in society through their financial resources.
7. - Desire to provide a substantial financial contribution to advance research, education, social services, cultural initiatives, or any other area they believe in.

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What is a transformational bequest?

A transformational bequest is a gift included in a will or trust that is designated for a specific purpose or cause.

Who is required to file a transformational bequest?

The executor or trustee of the estate is required to file a transformational bequest.

How to fill out a transformational bequest?

To fill out a transformational bequest, the executor or trustee must provide specific details about the gift, including the purpose and designated recipient.

What is the purpose of a transformational bequest?

The purpose of a transformational bequest is to leave a lasting impact or legacy by supporting a cause or organization that is important to the individual making the gift.

What information must be reported on a transformational bequest?

The information that must be reported on a transformational bequest includes the date of the bequest, the purpose of the gift, the designated recipient, and the value of the gift.