What is my Legacy?

by Roger Ellison, CFP

While the word legacy may have different meanings, particularly in light of estate planning, this article will focus on it meaning “tangible evidence of the meaning of one’s life.” In other words, if one way to look at a will is to view it as your last love letter, then the key provisions in the will which describe how you want your estate used reflect the things which you love and are evidence of what was important about your life. For many of us, particularly those of us who volunteer in some way, there may be organizations with which we have been involved, or seen at work, or which we admire, that we wish to express support for by leaving a share of our estate. Expressing that wish through a bequest in your will is a way of saying “This is what I admire - I believe in - and my gift to this organization is one way of leaving evidence of my life’s deepest values.” Some choose to focus on one charity, most will select several.

The most common way to express that desire is through a bequest, or in a codicil (an amendment) to an existing will. This could take one of several common forms, as shown in the following sample language which an attorney might use to express your wishes through your will:

• If you want to leave a percentage of your estate:
I give, devise, and bequeath to CHARITY NAME, San Angelo, Texas, ____ % of my estate.

• If you want to leave a specific dollar amount:
I give, devise and bequeath to CHARITY NAME, Mertzon, Texas, $_______.

• If you want to leave the residue of your estate; that is, the amount remaining after you have provided for your heirs and/or other beneficiaries:
All the rest and residue of my estate, including real and personal property, I give, devise and bequeath to CHARITY NAME, Miles, Texas.

• If you want to leave a specific piece of property:
I give, devise and bequeath to CHARITY NAME, Wall, Texas, (a description of the property) located at (exact location).

• If you want to leave specific personal property:
I give and bequeath to CHARITY NAME, Bronte, Texas, (a description of the personal property).

With a will, you show your loved ones left behind that you cared enough about your life and its accumulations, and your relationship with them, to plan for an orderly transfer. Through a charitable bequest, you leave a legacy of those things which were dear to you and which you wish to help evidence the meaning of your life.

Roger Ellison, Vice President of Planned Giving, at the West Texas Rehabilitation Center Foundation, is a Certified Financial Planner who provides gift and estate planning services on a no cost, no obligation basis. He may be reached at 325-223-6309 or roger@rogerellison.com