Name the Library in Your Will or Living Trust
You can arrange a bequest in your will or living trust and to help ensure the future of OWL. Speak with a trusted financial advisor to ensure that your vision is realized. Share sample language with your attorney. Following is language for certain types of bequests:
- Specific Bequest: A specific bequest is a gift of a particular dollar amount or property. For example: “I give, devise and bequeath to the Oliver Wolcott Library Inc. existing under the laws of the State of Connecticut, the sum of $___, to be used as an unrestricted gift for its general corporate objectives and purposes.”
- Residuary Bequest: A residuary bequest is a gift of all or part of the property remaining in your estate after debts, expenses and specific bequests have been paid. You control what percentage of your estate is given to an individual or charity. This method automatically adjusts the size of your bequest according to the value of your estate. In the event of unexpected changes in the size of your estate value, you can have peace of mind that your intentions will be fulfilled without the estate running out of assets to distribute. For example: “I give, devise and bequeath to the Oliver Wolcott Library, Inc., existing under the laws of the State of Connecticut, all (or a percentage) of the rest, residue and remainder of my estate to be used by the Oliver Wolcott Library Inc. for its general use and purposes.”
- Contingent Bequest: A contingent bequest is a gift which takes effect only if the primary beneficiary or beneficiaries of the bequest should predecease you. For example: If neither my spouse nor any descendant of mine survives me, then I give, bequeath and devise all the rest, residue and remainder of (property or account) to the Oliver Wolcott Library, Inc., existing under the laws of the State of Connecticut, all (or a percentage) of the rest, residue and remainder of my estate to be used by the Oliver Wolcott Library Inc. for its general use and purposes.”
Other Giving Options
Most assets can pass to your intended beneficiaries by the terms of your will. Sample language has been provided above. However, other assets such as retirement plans, life insurance and insurance annuities are not controlled by the terms of your will. These assets require that you fill out separate beneficiary forms. Naming the Library as beneficiary of any of a retirement plan or insurance policy is easy: Contact a representative of the institution that manages your account or policy and request a “change of beneficiary form.” You will need the following information: Name: The Oliver Wolcott Library. EIN: 06-0709304
Most retirement plans such as IRAs and 401(k)s are tax deferred until funds are distributed. A gift of such retirement funds to a charity is not taxable to you or the charity, thus bypassing the tax that would otherwise be imposed on funds distributed in your lifetime or to loved ones after death. The Library would receive 100% of the remaining benefit in your retirement plan.
Information for the Attorney Drafting Your Request
The full legal name of the Library is: Oliver Wolcott Library. The Library’s legal address is 160 South Street, PO Box 187, Litchfield, CT 06759; the Library’s EIN is 06-0709304