Estate planning is important regardless of the size of your estate. It will help you achieve your philanthropic objectives, preserve assets so they will be used according to your wishes, and provide security for your loved ones.
Your will is the cornerstone of your estate planning efforts - your most important legal document. With a little planning, you can ensure that your desires will be fulfilled. Charitable bequests can take various forms:
Specific bequest - designates Mission Hospitals to receive a specific piece of property.
Example: "I bequeath to Mission Healthcare Foundation, Inc., of Asheville, North Carolina, all of my shares in XYZ Mutual Fund to support patient care, research and education."
General bequest - designates Mission Hospitals to receive a specified dollar amount.
Example: "I bequeath to Mission Healthcare Foundation, Inc., of Asheville, North Carolina, the sum of $50,000 to support patient care, research and education."
Residual bequest - designates all or a portion of whatever remains after all debts, taxes, expenses, and other bequests have been paid.
Example: "I bequeath to Mission Healthcare Foundation, Inc., of Asheville, North Carolina, fifty percent (50%) of the rest, residue and remainder of my estate, to support patient care, research and education."
Contingent bequest - takes effect only if the primary intention cannot be met. This ensures that property will pass to Mission Hospitals rather than unintended beneficiaries-including the government.
Example: "If (NAME OF PRIMARY BENEFICIARY) does not survive me, then I bequeath to Mission Healthcare Foundation, Inc., of Asheville, North Carolina, all the rest, residue and remainder of my estate to support patient care, research and education."
If you have remembered Mission in your will, trust retirement plan, or life insurance policy, please let us know. By doing so, you will qualify for membership in our Legacy League, a recognition society of friends and patients who have remembered Mission in their estate plans.
We can meet with you and assist you, in confidence, in planning your will. You should also consult with your attorney, who can assist you in drafting your will provision based on your specific needs and desires.
For more information please call Melody Dunlop at 828-213-1022 or e-mail her.
