Commonly asked questions about bequests
Is it easy to add a Yes. Nothing could be simpler.
charitable gift to my will? A short phone call to your lawyer does the job.
What if I A surprising number of people – even those with substantial assets –
don’t have a will yet? never get around to this essential task.
When a person dies without a will, the law determines how to
divide up the assets in the estate. With a will, you assert full control:
your written wishes dictate exactly how and to whom your assets
will be distributed.
If you don’t have a will yet and would like a referral to a qualified
estate attorney in your community, the Hampton Roads Community
Foundation can help. We’ve worked with hundreds of local lawyers
over the years. Just give us a call at (757) 622-7951.
How much should I leave? You can leave any amount to go into an existing fund at the
Foundation. But, if your gift will be for $25,000 or more you can
choose to start a named fund and determine its purpose (e.g. for
scholarships, to help specific charities or to be used for grants to
address many community needs).
Will $25,000 be enough A $25,000 endowed fund will yield roughly $1,125 in income
to make a difference? for grants or scholarships in its first year. That’s equivalent to
4.5 percent of the fund amount.
This amount might seem modest. But remember: your fund
is permanent. Your fund will grow over time, as will the money
available for grants or scholarships.
However, if you wish to guarantee a certain level of impact–
say, the funding of sizeable scholarships in the first year of your gift –
we can help you run realistic numbers and gauge just how much
your bequest needs to be.
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