There are many types of legacy gifts that are simply a matter of filling out your provider’s paperwork.
Here’s the list:
• IRA or pension plan
• Life insurance
• Stocks and bonds
• Savings/checking accounts
• Donor advised fund
• Commercial annuity
The key to setting up these gifts is contacting the institution that holds your asset. Ask them for a beneficiary form. Some firms refer to this as a designation form or a “payment on death” form.
When you fill out the form, it’s important to remember that and if you also have language in your will or living trust about the same asset and there is a discrepancy, the form takes precedence over the will or trust. This is because you have a contract with the firm, and that form fits within the scope of the contract. The will or trust does not.
Questions? Call (775) 323-6393.
