September/October 2005

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Estate Planning: Where to Begin

A number of Research Foundation supporters have made charitable bequests to The Foundation through their wills, trusts, and estate planning. In addition to leaving a lasting legacy to the profession, these donors are given recognition as Heritage Circle donors.

Knowing where to begin is the most important part of estate planning. Naming The IIA Research Foundation in your will as a beneficiary is the most common type of large gift. Generally, gifts of cash, property, and/or investments are prearranged by means of a bequest, of which there are three types:

• A percentage bequest is a donation of your estate or of another asset. You might, for example, provide that upon your death, your house be sold and that each of your three children receive 30 percent and that The Foundation receive 10 percent of the net proceeds.
• Residual bequests occur when all or a portion of the remainder of your estate after specific and other bequests have been distributed. An example of this type of bequest might be everything that remains after all previous bequests have been satisfied. That remaining amount would be given to The Foundation.
• A gift of a specific dollar amount is appropriately named a specific bequest. These are most common because they are very straightforward. You may designate, for example, that $10,000 be donated to The Foundation.

We recommend that you consult with your attorney about the best way to use your will, trust, insurance policy, or other estate plan to support The IIA Research Foundation.