UNDERSTANDING THE OPTION
Retirement plans, some investment or bank accounts, and life-insurance policies can pass under a beneficiary designation. You can often assign the Episcopal Diocese of Chicago a percentage, name it for a specific account, or make it a contingent beneficiary.
The provider’s current form controls the transfer, so a reference in a will may not be enough. Beneficiary choices should be reviewed after major life changes and coordinated with the rest of your estate plan.
Naming a charity for tax-deferred retirement assets may be worth discussing with advisors because charities and individual heirs can be treated differently when they receive those assets.
Why donors consider it
- Usually completed through the account provider
- May be changed without rewriting a will
- Allows percentage-based division among beneficiaries
- No present transfer of the asset
A thoughtful process
- Request a beneficiary form or use the provider’s secure portal
- Use the Episcopal Diocese of Chicago’s verified legal name and requested information
- Choose the percentage and beneficiary status
- Save confirmation with your estate records
- Let the Episcopal Diocese of Chicago know if you wish to be recognized
Points to discuss with your advisors
- Coordinate the designation with your will and overall plan
- Ask how the provider handles per-stirpes or contingent shares
- Review forms periodically
This overview is not legal, tax, investment, or financial advice and does not confirm that the Episcopal Diocese of Chicago can accept a particular asset or arrangement. Please consult qualified advisors and contact the Episcopal Diocese of Chicago before taking action.