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Ways to Remember
The highest compliment you can give your Church is to remember us in your Will. This means that you are equating St. Mary’s
of the Lake with your family and close friends. You not only believe we should be doing what we are doing now, but that we
should also continue to do so in the future and you are supporting this belief with a charitable bequest in your Will.
- Specific Amount. Many donors are partial to this way, but it should be used only when the needs
of the family are adequately met.
- Percentage of the Estate. After all final expenses have been paid, St. Mary’s will receive a percentage
of the adjusted gross estate.
- Residual Beneficiary. After all expenses and specific bequests have been satisfied, a residuary clause
in the Will caused the remaining assets in the estate to pass to St. Mary’s.
- Combination of the Above. A small specific bequest is made plus a percentage of the residual estate
after all other specific bequest have been satisfied.
- Contingent Beneficiary. This is the least definite because our right to receive anything depends upon
the rights of others expiring.
- Testamentary Life Income Agreement. A donor can provide a life income for a loved one by establishing
a charitable remainder trust or gift annuity in his /her Will.
Wills and Bequest
There are three kinds of Wills:
- The “eleventh-hour” or oral Will.
Usually made under adverse circumstances.
Very risky and easily challenged.
- The hand-written or holographic
Will.
Very expensive in the long run because it
must meet so many court tests. Easily
contested and recognized in less than half
the states.
- The witnessed or attested Will.
Drawn to conform to the laws of the state
in which the testator lives, this is the best.
In every instance the Will must conform to
local and state laws. Competent legal
counsel is strongly encouraged.
Below is language which a testator might use to remember, St. Mary’s of the Lake, with a bequest.
“I give, devise and bequeath to (St. Mary’s
of the Lake), a not-for-profit organization incorporated in the State of Minnesota, with the principal Office at 419 Lyon
Ave, Lake City, MN 55041.
Specific – “the (description or sum of bequest) to be used for the purpose
of …….”
Residuary – “all or a portion
(list percentage) of the rest, residue
and remainder of my estate, to be
used for …..”
Contingent – “In the event
that (primary beneficiaries) should not
survive me, or should die during
the administration of my estate within
ninety days from the date of my death
as a result of a common disaster,
then I give, devise and bequeath …..”
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Your Will
The Bargain of Your Lifetime
A Will is the cornerstone of a wise person’s
plans for the future. Yet statistics gathered from
US probate courts, reveal that seven out of eight
people die without a Will and that 80% of those
wills which are written do not carry out the
intentions of the deceased. They did not adjust
their estate plans through their Wills to reflect
the changes in their lives.
Why do so many people fail to make a Will or
take the time to update their current Will? The
answer may lie in the pace we have set for
ourselves. As we strive for success, we
became preoccupied with staying young.
As a result we resist writing a Will, as if this
would force us to admit the existence of our
own mortality.
- A reluctance to face death
People do not want to face the reality of death
because they do not want it to happen. So they
avoid planning for its possibility, as if that will
prevent it from happening.
- Procrastination
An interesting by-product of today’s medicine
To cure sickness and extend life expectancies is
that people think they have more time than they
Actually have. The price of putting things off
“until tomorrow” is very high. Unfortunately,
those who survive must bear the expense.
- Too little property
People who have modest estates at the present
time need to give more thought and planning
to their estates than people with larger estates. Their beneficiaries cannot afford to have their smaller inheritance wasted
in unnecessary court cost and probate expenses.
- Too expensive
Anything that is worthwhile doing costs money. A properly drawn Will, directing the distribution of what one has accumulated
while living may be the bargain of your lifetime.
- Dislike of legal documents
Otherwise intelligent and reasonable people will avoid taking the necessary step of contacting an attorney and working with
him in drafting their Will because they feel incapable of understanding what is being done.
- Inability to plan for the future
Many people feel incompetent about planning for their future, especially in financial matters. Taking positive action is
most important particularly when your estate is not large. Only the very rich can afford such indecisiveness.
- Reluctance to trust others
Deciding whom you should ask for counsel regarding such personal plans may cause some people to delay doing that which they
know is necessary. Obviously, the key person is the attorney whom you choose, based on recommendations from satisfied clients.
Valid Reasons?
There really are none. To not plan is to forfeit your right to distribute your estate to loved ones and to perpetuate your
lifetime values beyond your lifetime through your Will.
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