Ways to Leave a Bequest Without a Will or Trust

Many charitable people wish to create a legacy for CASA Contra Costa County but have no interest in writing a will or a trust. (These options can still be considered if one does have a will or a trust.)

There are three ways that this can be achieved:

• name as a beneficiary of a retirement fund

• name as a beneficiary of an insurance policy, or

• name as successor to your bank or investment account

Retirement Funds

You can create a legacy by naming CASA Contra Costa County as a beneficiary or contingent beneficiary of an IRA, 401(k) Keogh account, or other retirement plan. When a retirement account is left to a charity, the organization does not pay the income tax otherwise due if left to a friend or family member. For very high net worth individuals, assets in these accounts may also be subject to taxes. You can make such a gift by completing a change of beneficiary form. There should be no fees involved, and it does not require any work on the part of an accountant or attorney.

Insurance Policies

Life insurance may be used to create a legacy by naming CASA Contra Costa County as a beneficiary or contingent beneficiary of the policy. This requires that you complete a change of beneficiary form with the insurance company. You do not have to work with an attorney or accountant, nor are any fees involved to arrange such a gift. If you name CASA as a beneficiary, you can change your mind at any time by updating the change of beneficiary form.

Bank or Investment Accounts

You may name CASA Contra Costa County as successor to your bank or investment account in most states. The arrangement is known as Transfer-on-Death/Payable-on-Death or TOD/POD. This requires that you complete a form directly with your financial institution. You do not have to work with an attorney or accountant, nor are any fees involved to arrange such a gift. TOD/POD gifts are completely revocable and you can change your mind at any time by filling out a new form.