Estate Planning FAQs
Here are some questions that our members frequently ask about estate planning:
What is a planned gift?
A planned gift is part of estate planning. It may be given either during one’s lifetime or as part of one’s estate to support an institution and its programs. It may be in such forms as cash or other assets, a purchased annuity or a life insurance policy or retirement account that names the institution as beneficiary.
What type of estate documents should I have in place?
It is recommended that anyone with assets or heirs have the basic legal documents of a will or a trust, a medical directive and power of attorney. Without a will, your estate would be considered “intestate,” and all assets would be distributed according to state law and not in accordance with any personal intention.
Do I need a lawyer to include WPC in my will?
While some planned giving options, such as some types of charitable giving annuities and trusts, require legal input, there are many free online services that provide a basic will template. It is best, though, to consult your attorney or financial advisor when establishing your estate plans.
What if I am not sure how much money will be left to give?
You can specify a dollar amount, a percentage of your total estate, or whatever is left after your estate obligations are fulfilled. It is also easy to name a charity to receive a life insurance policy or retirement fund that your family may no longer need. There is no minimum, and every gift is appreciated.
What language do I need to include in my will?
To make a restricted bequest to Fallingwater: "I give the (sum of $____), (a specific asset), (______ shares of_____________), or (______% of the rest, residue, and remainder of my estate) to the Western Pennsylvania Conservancy, a nonprofit, charitable organization incorporated under the laws of Pennsylvania and presently having offices at 800 Waterfront Drive, Pittsburgh, PA, 15222, to be used for the following purpose at Fallingwater: (state the purpose). These funds are donated to and are to be placed in a restricted fund for Fallingwater. If, in the opinion of the Western Pennsylvania Conservancy Board of Directors or their successors, the need for funds for the purpose described above no longer exists, at some future date the Board of Directors, or their successors, are authorized to use these funds in the best interest of Fallingwater in a manner that will most nearly accomplish my wishes."
Can I change my planned gift arrangements at any time?
Yes – you are in control of your will and you can change amounts and beneficiaries. A charitable gift annuity, however, is fixed once it is established and payments begin.