Beneficiary designations are an option for giving the following financial assets:
Retirement Account Assets
An alternative to a charitable bequest is to designate WI as the beneficiary of your retirement account assets. This gift is simple because there is no need to modify your will or living trust. All that is needed is complete a beneficiary designation form with your plan administrator.
A gift of retirement assets has the added advantage of being a tax-wise way to make an estate gift as retirement assets left to individuals will be subject to income tax, whereas If you give your retirement assets to a tax-exempt nonprofit organization such as WI, 100 percent of the retirement assets will be available for its charitable purposes.
Life Insurance
Donors can also use a life insurance policy to make a gift to WI. It's usually as simple as completing a form with the insurance company designating WI as the beneficiary of all or a portion of the death benefit of your life insurance policy. You can transfer ownership of the policy as an alternative to naming WI as the beneficiary. Transferring ownership can produce an immediate income tax charitable deduction for the policy's value and future income tax deductions if you continue to pay premiums on the policy.
Other Assets
Commercial Annuity Contracts: a commercial annuity will sometimes have a remaining value at the end of the annuitant's lifetime. You can name WI to receive all or part of this amount by designating us as a beneficiary (sole or partial) on the appropriate form from the insurance company.
Bank Accounts: you can instruct your bank to pay WI all or a portion of what remains in a checking or savings account. Your bank can provide you with the appropriate beneficiary designation form.
Investment Accounts: you can instruct your investment company to transfer to WI some or all investments held in the account at the time of your passing. Your broker or agent can help you complete the process, which may be as simple as amending the name on the account to include WI.