Types and Terminology
Popular examples include bequests of money, stocks or tangible possessions; as well as life insurance policies and Charitable Gift Annuities. Additionally, there are more complex trust entities - charitable remainder trusts and lead trusts.
WILL - legal document stating the disposition of a person's property upon his/her death.
BEQUEST - specific gift of property or assets included in a will.
LIFE BENEFIT - proceeds from a life insurance policy's face value payable to Holy Cross.
GIFT ANNUITY - contract by which a donor transfers cash or property in exchange for income payments for life.
LIFE ESTATE - donor gives home or land and retains rights to occupy or benefit from the property for life.
CHARITABLE REMAINDER TRUST - a trust which returns income, fixed or variable, to the donor or others for life, or a period not to exceed 20 years.
CHARITABLE LEAD TRUST - a trust whereby the donor transfers assets/funds to a trust which, in turn, pays the charity for a certain period of time.