Bequests: A Guide
Thinking about mentioning Our Lady of Mount Carmel Church in your will? The following information can help you decide. There are many reasons why you might choose to mention your church in your will. Here are a few:
To show your gratitude for the church's ministry. If your church has been a source of spiritual support and community for you, you may want to express your gratitude by leaving a gift in your will.
To support the church's mission and ministry. Your gift can help the church continue to provide programs and services that meet the needs of its members and the community.
To create a lasting legacy. By leaving a gift to your church, you can ensure that your values and beliefs will continue to be upheld long after you are gone.
To make a significant contribution that may not have been possible during your lifetime.
To fund a specific cause. If you are uncertain about which church project might benefit most from your gift, consult your priest or deacon.
To obtain a tax deduction. Depending on the type, your gift may have tax benefits for both your estate and your heirs.
What can I give?
Cash and items not affixed to land can be bequeathed by adding a statement in your will.
If you have planned to have money remaining in your Individual Retirement Account when you pass, leaving all or some of the IRA to your church is not only possible, but it also has a number of potential tax benefits for both your estate and your heirs.
Real property and housing may involve an attorney. Please speak to the priest with your wishes so he can assist you.
What are the types of bequests?
A General Bequest designates that Our Lady of Mount Carmel Church, Denver, CO receives a specific sum of money.
Example: I bequeath the sum of $_____ to Our Lady of Mount Carmel Church, Denver, CO, to be used or disposed of as an unrestricted gift for its general purposes.
A Specific Bequest designates that Our Lady of Mount Carmel Church receives a specific piece of property.
Example: I bequeath _______(Legal description of property) to Our Lady of Mount Carmel Church, Denver, CO, to be used or disposed of as an unrestricted gift for its general purposes.
A Restricted Bequest is if you choose to restrict the gift to one of the other Our Lady of Mount Carmel Church parish funds or campaigns.
Example: In place of the words "to be used or disposed of as an unrestricted gift for its general purposes," insert the words "to be used for _________ (insert name of use, purpose or campaign you would like to see the contribution applied.)"
A Residual Bequest designates that Our Lady of Mount Carmel Church receives all or a portion of whatever remains in an estate after all debts, taxes, expenses and other bequests have been paid.
Example: I bequeath (all/or _____%) of the remainder of my property to Our Lady of Mount Carmel Church, Denver, CO, to be used or disposed of as an unrestricted gift for its general purposes.
Frequently Asked Questions
What if I already have completed my will?
If you have already completed your will, but wish to add or change the amount or purpose of your gift, you will need to execute a codicil to your will. Please note that codicils, like wills, must be executed with witnesses.
Example : On this day, _________(date), I, ________________(name), residing at _____________________(address), do hereby make this ____(first, second, third, etc.) codicil to my last will and testament that is dated ________________. Paragraph____ (paragraph # you are changing from your most recent will) of my said will is hereby amended by adding thereto the following paragraph: I bequeath ________________ (See above examples for description of gift).
What if I change my mind after adding my bequest to Our Lady of Mount Carmel?
If you change your mind about your bequest to Our Lady of Mount Carmel, you must make a codicil as above.
Is there a minimum or maximum amount I can bequeath?
There is no minimum or maximum amount you can bequeath.
What is the reason I wanted to donate no longer exists, or other circumstances change?
A Contingent Bequest takes effect only if the primary purpose cannot be met, or other beneficiaries do not survive you. This ensures that the property will pass to Our Lady of Mount Carmel Church rather than unintended beneficiaries.
Example 1: If, in the judgement of the Pastor of to Our Lady of Mount Carmel Church, Denver, CO, it becomes impossible to accomplish the purpose of the gift, the income and principal may be used for such related purposes and in such a manner as determined by the Pastor.
Example 2: If my (husband/wife) does not survive me, I bequeath to Our Lady of Mount Carmel Church, Denver, CO, all the rest, residual and remainder of my estate to be used or disposed of as an unrestricted gift for its general purposes.
How do I start?
Start with the Holy Spirit. Then, whether you need to create a will or trust for the first time, or revise your existing documents to reflect your current situation and preferences, you should discuss your wishes with your loved ones and your estate planner. Then, please contact Father Chris Krymski, O.S.M., Pastor, at 303-455-5487 X 24.
The material presented on this page is not offered as legal or tax advice.