Including Covenant Ministries in Your Legacy Plan
Have you ever thought about your favorite Covenant ministry and said, “What if…?” That’s your charitable dream!
Wherever the Holy Spirit leads, you may not have the financial resources to fulfill your charitable dream during your lifetime. But when you no longer need worldly goods, your legacy plan can assure a gift for the Covenant ministries you choose. As you each seek to fulfill the charitable dream to which you are led, you find that others have the same dream. Together, and with God, nothing is impossible.
People who have been regular contributors during their life usually want to make provision in their legacy plan for the causes they care about. In making a bequest to any Covenant ministry, it is important to include the following information:
The dollar amount or percentage of the bequest. A specific dollar amount may be used. However if the estate is not of sufficient size to cover that amount, the charity will not receive the bequest. A percentage designates a portion of whatever remains. The resulting dollar amount may either increase or decrease depending on the estate size; but the donor’s desire to make a gift is fulfilled.
The correct legal name of the ministry or institution, and its location. For example: “The Evangelical Covenant Church, 8303 West Higgins Road, Chicago IL.” Even if the particular ministry or institution is not incorporated, the correct name is important. Enough information must be provided so the ministry can be readily identified and located.
Any designation or specific instructions for use of the bequest. Include a default provision to indicate what happens if the bequest cannot be used as originally designated. This could occur if a specific fund or program no longer exists, or if the ministry itself is no longer in existence.
If you have included one or more Covenant ministries in your legacy plan, you may wish to notify them of that fact. You do not have to provide information on how much you have designated, simply that you have made a charitable provision for the ministry. This gives the ministry the opportunity to express thanks and to keep you informed about items of interest. Some ministries have designated programs [e.g. the Covenant Ministries of Benevolence Benevolent Circle or North Park’s Heritage Circle] specifically for those who have made such legacy designations; and often hold special recognition events. While many deferred gift donors do not desire such personal recognition, it is worth noting that making such a gift can serve as encouragement and incentive to others to do likewise.
Are you ready to include Covenant ministries in your legacy plan? Do you want to make some changes in your existing plan? Contact your local Covenant Trust Company Financial Services Representative for information and assistance. [view Directory]
"God is able to provide you with every blessing in abundance, so that you may always have enough of everything and may provide in abundance for every good work.”
II Corinthians 9:8