Planning Ahead: Leaving a Charitable Bequest to Carry Out Your Wishes

We are sadden by the recent passing of internationally renowned musician Prince at age 57.

We’re also  surprised to hear Prince left no will with provisions for how he would like his estate (worth millions) as well as his music and other intellectual property (also worth millions) to be used going forward.

Wills, trusts, and other legal instruments can be an effective way to carry out your wishes even after you are gone -- whether you have millions of dollars or not.

Perhaps Prince's lack of a will shouldn’t come as such a surprise in 2016 considering that statistics show at least one of every two Americans does not have a will. Notable examples of famous people who died without wills or estate plans include Abraham Lincoln, Martin Luther King Jr., Howard Hughes, Jimi Hendrix and Bob Marley. In each instance, a last will and testament would have ensured the deceased's final wishes were carried and also have avoided controversy and legal battles among family members. 

As you consider what you’d like to do with your estate when you are no longer here,  think about the good a charitable legacy would do. Is there a nonprofit you eagerly donate to each year with gifts? Is there a cause you have been meaning to support? Using a will or trust or designating them as a beneficiary of your Individual Retirement Account or insurance policy could be a wonderful surprise for any nonprofit organization.

The Hampton Roads Community Foundation makes it easy for you to support a single organization or multiple causes with a future charitable gift. You can also leave a flexible gift to meet future needs you can't imagine today. Our bequest guide makes it easy to learn how to do this.

Our staff can work with your attorney, accountant or other advisors to help you plan ahead so you can help others forever. By adding a charitable gift to your will, you have the opportunity to continue to support your community and specific causes or organizations long after you are gone. There are many ways to plan for a future estate gift:

• Bequests
• IRA and Retirement Plans
• Life Insurance
• Charitable Gift Annuity
• Charitable Remainder Trust
• Charitable Lead Trust

While gifts of all sizes are welcome at the community foundation, if your bequest is for $25,000 or more, you can have a charitable fund named for you or another family member or special person. Your endowed fund will grow forever while providing grants to nonprofits or scholarships to students following the directions you set in place in your plans. Your legacy will let you have a lasting impact on our community.

If you’re interested in earning more or ordering printed copy of "Adding Charity to Your Will or IRA," please contact Kay Stine, vice president for development at 757.622.7951 or kstine@hamptonroadscf.org. You can also learn more at leaveabequest.org.

Why Should Baby Boomers Plan Charitable Bequests?

Cindy Cutler & Craig Haines

Cindy Cutler and Craig Haines of Norfolk are two committed citizens of the Hampton Roads region of Virginia with plans to benefit their community forever. 

Like the more than 120 other members of the Legacy Society for Hampton Roads, a group of future donors affiliated with the Hampton Roads Community Foundation, the Norfolk couple loves their home region and wants to see it flourish. 

Cindy and Craig grew up in southeastern Virginia and made their careers here -- Cindy in mortgage lending and Craig in insurance. They are involved with many nonprofits, including Hampton Roads Business OutReach (HRBOR), WHRO, Hampton Arts Foundation, Tidewater Arts Outreach, Hampton Roads Chess Club and Toastmasters International. Both Craig and Cindy are passionate about  promoting equality, arts, education and better opportunities for all area citizens. They have made sure their support of many good causes will continue long after they are gone.

The Norfolk couple drew up wills when they married more than 20 years ago. "We put in our favorite charities and as things changed we kept doing handwritten codicils to update them," Cindy says. She and Craig decided there must be a better way to make a difference that will last forever. They started watching where the Hampton Roads Community Foundation, their regional community foundation, awarded grants. "The charities we were fond of, you were giving grants to already. You were supporting causes we believe in," Cindy says.

Several years ago Cindy and Craig made plans for a permanent charitable fund at their community foundation that will activate after they pass away. Their charitable bequest to the Hampton Roads Community Foundation will forever provide grants to an array of nonprofits helping people in the region lead better lives. Their unrestricted fund will let them remain relevant no matter what issues their community tackles in future years.

"In any way we can give back to our community, we are happy to do so," says Craig. 

"People are not good at planning for dying," says Cindy. "Baby boomers need to make plans or someone else will do it for them." 

Photo by Glen McClure

(The Hampton Roads Community Foundation is a regional community foundation started in 1950 as the first community foundation in Virginia. It is among nearly 750 community foundation around the country serving specific geographic regions. It is the largest grant and scholarship provider in southeastern Virginia and manages more than 400 charitable funds created by donors from all walks of life. Over the decades it has provided more than $195 million to improve life for residents living in the Hampton Roads region of Virginia, including the cities of Chesapeake, Franklin, Norfolk, Portsmouth, Smithfield, Suffolk and Virginia Beach. It also serves people in Isle of Wight and Southampton counties and the Eastern Shore of Virginia, including Accomack and Northampton counties. Learn more at hamptonroadscf.org. You can click here to locate a community foundation near you. )