Bequests 101: Introduction to Bequest Management for Non-profits & Charities
What Should an Organization Do When It Is Included in a Donor’s Will?
It is important for organizations to establish procedures for handling the bequest administration process. Generally speaking, when an organization is included in the will or other estate plans of a donor, it will receive notification by mail that establishes it as the beneficiary. After receiving such notification, it is important for the organization to determine the nature, or type, of the bequest it will be receiving. If the organization is the beneficiary of a life insurance policy or retirement plan, it should contact the appropriate plan administrator or other agent used to ensure the transfer of the gift. However, if the organization finds out that the gift has been left from a will or trust, it should take the following actions: