However, secondary beneficiaries should also be named in the event the spouse dies first or both spouses die at the same time. Naming a second beneficiary will result in the money passing directly to individuals or institutions with minimal cost and delay. A popular method of passing assets contractually is through a revocable living trust. A living trust enables individuals to pass property after death to family, friends, and institutions. It also provides for a person or institution to care for and manage assets.
Assets passed by way of a living trust avoid the cost of probate.
However, the cost of developing a living trust and the time and expense involved in transferring assets into it may be greater than with a will. Other contractual agreements include charitable remainder trusts, charitable gift annuities, pooled income funds, etc. These contracts are used to provide for families and the church while avoiding capital gains, leaving more for you and your family. The Planned Giving Services staff strongly encourages you to consider all four cornerstones mentioned in this brochure, in consultation with your legal and financial advisers. Personnel from the Planned Giving Services office will be happy to offer you information about developing all four of YOUR cornerstones.