What is the difference between a will and a charitable trust?
A will is your instruction manual to survivors about how you want your property distributed. It is a revocable, private document that only takes effect after your death.
A revocable trust is an entity that holds assets during your lifetime, then transfers ownership of them — or benefit from them — upon your death.
There is no difference between wills and trusts in how they make charitable transfers. In some states the probate and distribution process is simpler with a revocable trust. Your advisors can guide you in choosing which vehicle will work better for you.
Interested in naming CURE as a beneficiary of your will or trust? Find the legal language and tax ID here.
Planning points
- The more narrowly you restrict the use of your bequest, the greater the risk that the program you want to benefit today won’t be as vital or as relevant when we receive your gift in the future. Please talk with us as you are drafting your will if you want to restrict the use of your bequest.
- The remaining balance in your retirement plan makes a tax-wise gift to CURE, but don’t direct it to us through your will or trust – that will include the plan in your taxable estate. Use your plan’s successor beneficiary form, instead.
What if I’ve already written my will or trust?
You can amend a will or trust to make a gift without rewriting the entire document. Your attorney can prepare a simple document, called a codicil, which adds a new bequest to us while reaffirming the other terms of your will. Similarly, an attorney can prepare an amendment to a revocable trust to add CURE as a beneficiary.
