Will Review And Revisions
As family, residence, or other circumstances change, it is always advisable to review and revise a will to reflect new situations. Many people undertake such a review on an annual basis. Review and revision ensure that estate plans will be properly carried out.
Life Income Funds (Charitable Remainder Trusts)
A will is basic to any well-planned estate. There are, however, other ways in which a donor may make what amounts to a bequest, through a gift during a lifetime. A carefully planned program of giving involving a combination of current gifts, gifts to Life Income Funds, and gifts by will can result in a more rewarding and substantial contribution than might otherwise be possible.
A Life Income Fund is an arrangement whereby a gift is made to the NASW Foundation in trust, either by will or during one’s lifetime, with the provision that income is to be paid to the donor or other persons for life. A variety of arrangements is possible, and plans can be made to suit individual situations. A Life Income Fund can be established through a single gift or entirely by will; additions to an existing Fund (other than an annuity trust) may be made during lifetime or by will.
A will should always be drawn by, or with the advice of, a lawyer. Suggestions in this piece do not diminish the need for legal counsel. The NASW Foundation has been indebted to, and dependent upon, the generosity of members and friends who have aided in building its private resources. Each gift, which augments permanent resources, becomes a perpetual tribute to its giver and provides a means of sharing in lasting achievements. A gift to the NASW Foundation will help advance the social work profession and represent a noble expression of devotion to the enduring public good.