Beneficiary of the pension plan or financial account

Is it time to update the beneficiaries on your accounts?

Almost any type of financial account allows you to designate a beneficiary “payable on death” (POD). Sometimes it is referred to as a “transfer on death” (TOD) beneficiary. If you have individual retirement accounts (IRA), retirement plans like a 401 (k), check, certificate of deposit (CD), savings and investment brokerage accounts, you may have the option to make a planned gift to Direct Relief on behalf of the organization as the beneficiary.

Naming Direct Relief as the beneficiary of a retirement account or other financial account is one of the easiest and most meaningful legacies you can give: helping provide people with essential drugs and medical resources. affected by future poverty, natural disasters and other emergencies. It costs you nothing today and has a significant impact on your legacy.

Please notify Direct Relief if you name the organization as the beneficiary of the account. This will allow us to thank you for your generosity and will help ensure that your donation will be recognized when it is received. You can do so by clicking here.

Direct Relief will receive your donation without approval delay

Naming Direct Relief as the beneficiary of your financial or retirement account means that when you die, the organization receives your donation without the delay and probate fees. Probate is a legal process to determine the validity of a will and helps ensure the orderly administration of a deceased person’s estate. Probate is not always required, but when it is, in some situations it can be expensive and time consuming. By avoiding probate, your donation can impact people’s lives faster.

Designating an account beneficiary could have tax advantages

You can designate Direct Relief as the beneficiary of all or part of the assets held in these accounts upon your death. Direct Relief does not pay any income tax on the distribution, so 100 percent of the donation will be used to help vulnerable people access the health services they need. If your estate plan includes tax strategies to benefit the people and causes you love, talk to your tax advisor, lawyer, or estate planning advisor when naming a beneficiary.

Donate the rest of your IRA or 401 (k)

You will use your IRA and 401 (k) savings to enjoy your retirement and after your death your accounts could still be of value. When you name Direct Relief as the beneficiary of your retirement accounts, you help provide essential medicines to people who will be affected by future poverty, natural disasters and other emergencies – people who otherwise could not be helped. -be not access.

Certain types of pension plans may have restrictions limiting your ability to name Direct Relief as a beneficiary. If you are not sure whether your plan allows designation of beneficiaries for charitable purposes, the plan administrator can provide you with more information.

Contact your financial institution or pension plan administrator to request a beneficiary designation form or for instructions on making the designation using your online account access.

Fund beneficiary notified by donor

During your lifetime, you use your Donor Advised Fund (DAF) to support Direct Relief’s efforts. When you die, there may still be value in your donation fund, so consider naming Direct Relief as the ultimate beneficiary. It’s a simple, easy way to support a cause you care about and create a lasting legacy.

For more information on Direct Relief’s Legacy Society or planned giving, contact us by clicking here.

Direct Relief’s Employer Identification Number (EIN) for tax reporting is 95-1831116.

For more information on Direct Relief’s Legacy Society or planned giving, please click here to contact us.

Popular types of planned gifts

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