Keith has been a faithful supporter of a ministry and makes regular gifts to support their work. Recently, Keith talked to the ministry staff and expressed his interest in naming the ministry as a beneficiary of his estate, but he wanted to keep the process as simple and inexpensive as possible.
Keith: I love volunteering at the ministry. It really gives me a sense of joy and fulfillment. I not only support the organization with my time, I try to make annual gifts as well. I would like to leave a meaningful gift to the ministry in my estate plan.
One day, Keith talked to Sharon, another one of the ministry's volunteers. Sharon told Keith that she recently made a "payable on death" or "POD" gift to the ministry. Keith asked Sharon to explain how the gift works. Sharon told Keith that he could contact his bank or credit union and request a POD beneficiary designation form. By filling out the form and sending it back to his bank or credit union, Keith could direct them to pay the balance of any account he designates to the ministry when he passes away.
Keith: Sharon shared a lot of great information about POD gifts. I decided to name the ministry as the payable on death beneficiary of two accounts at my bank. Not only was the process simple — it didn't cost a thing. I also liked that a POD gift gives me flexibility-I still own the accounts and can use the money in those accounts as long as I live.
Is a payable on death (POD) gift right for you?
If you would like to leave a gift to our organization that is simple, inexpensive and flexible, please consider a payable on death bequest. If you have questions or would like to learn more about POD beneficiary gifts, please
contact us. We would be happy to assist you and answer any questions that you have.
*Please note: The story, names and image above represent an example of the benefits of this type of estate-planning tool. They do not represent actual donors to GFA. Since the benefits of a POD gift may differ depending on your personal circumstances, please consult with your legal, tax or financial advisor.
