Testamentary Giving Directly from Your Bank Accounts
Generally speaking, it's possible to pass bank account proceeds to an individual or organization without making or changing a will. So-called P.O.D. (pay on death) accounts allow you to name a beneficiary of almost any financial account: savings, checking, building and loan accounts, credit union savings, certificates of deposit, etc. You can indicate that your deposit will be "payable on death" to any charitable, educational or religious organization and keep the right to change or revoke the arrangement at any time.
Securities that are being held for you in a brokerage account can be transferred to support Food for the Hungry at death through a "T.O.D" (transfer on death) designation. Your broker can provide you with simple forms. Securities transferred to Food for the Hungry avoid all income taxes and death taxes and pass outside probate, as well. Note that we can be named to receive 100% of a P.O.D. or T.O.D. account or a smaller percentage, with the remainder passing to other beneficiaries. Always check with your tax advisor to make sure this is aligned with your own situation.
Please contact Sean Mills at [email protected] for more details on how you can leave a legacy to Food for the Hungry.
