Financial Account Beneficiary Designations

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Perhaps the simplest and easiest planned gift

Giving a financial account after your lifetime is as simple as completing a beneficiary form. Since the beneficiary form dictates the beneficiary, the asset is not controlled by your will. So there is no expensive set-up or visit to your attorney.

There are several types of financial accounts that are passed according to your beneficiary designations - instead of through your will.

• Bank accounts: To gift a checking or savings account, a Payable on Death (POD) designation transfers the bank account to the POD beneficiary. You may wish to consider designating Second Presbyterian Church as a POD beneficiary of a bank account not needed by heirs to help continue our important work.
• Investment or Brokerage Accounts: A Transfer on Death (TOD) designation directs your broker to move your designated investment securities to a new owner, Second Presbyterian Church if you wish.
• Qualified Retirement Plans: Like IRA, 401(k) and 403(b) accounts may be worth significantly more if you donate them than if you passed them to a beneficiary (other than a spouse). It can also have a real impact on our mission. Roth IRAs may also be designated but do not have as dramatic tax savings.
• Life insurance policies: If your existing insurance policy is no longer needed, you might simply change your primary beneficiary of the existing policy to be Second Presbyterian Church. If your loved ones still need the security of the policy, consider listing Second Presbyterian Church as a contingent beneficiary. Read more here.

Steps to Gift an IRA, 401(k), 403(b)

1. Consult with your professional advisers to make sure this gift fits your charitable and estate plan.
2. Request and complete a beneficiary designation form. When listing Second Presbyterian Church as beneficiary of an retirement account, please contact us to ensure your request is honored.
3. Your generous gift will come directly to Second Presbyterian Church outside of your estate.

Account Beneficiary Video Guide