Gifts That Cost You Nothing Now - Archdiocese of Chicago

Gifts That Cost You Nothing Now

Gifts in a will or by beneficiary designation are two easy ways to bring Christ to the world through spiritual renewal, academic excellence rooted in our Catholic faith and parish-based outreach ministries to the more than 2 million Catholics and community members who reside in Cook and Lake counties. — and they don’t cost anything now.

Please let us know if you’ve included a gift for your parish or the Archdiocese of Chicago in your will or through a beneficiary designation. Providing us with documentation is the best way to ensure that your gift is used in the way you intend.

Gifts That Cost You Nothing Now

Gifts That Cost You Nothing Now

Gifts in a Will

Making a legacy gift in your will or trust is one of the easiest and most popular ways to make a lasting impact for your parish and/or the Archdiocese of Chicago. Once you have provided for your loved ones, we hope you will consider making our mission part of your life story through a legacy gift.

Sample language for your Will or Trust: See here

Sample Codicil: See here

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A gift in your will is one of the easiest ways to create your legacy and offers the following benefits:

Lasting Impact

Your gift will create your legacy of bringing Christ to the world through spiritual renewal, Catholic academic excellence and parish-based outreach ministries throughout Cook and Lake counties.

Flexible

You can alter your gift or change your mind at any time and for any reason.

No Cost

Costs you nothing now to give in this way.

Four simple, “no-cost-now” ways to give in your will

General gift

A general bequest is a gift of a specific amount.

Residuary gift
A residuary gift is a gift of all or a percentage of the remainder of your estate after specific bequests and expenses have been paid.
Specific gift
A specific gift is a gift of a particular piece of property. For example, real estate, funds in a bank account or shares of a corporation. 
Contingent gift

A contingent gift is made to charity only if the conditions of the primary bequest cannot be met. For example, you could leave specific property, such as your home, to a relative, but the bequest language could provide that if the relative is not alive at the time of your passing, then the sale proceeds of the vacation home will go to the Archdiocese of Chicago or to a specific parish, school or ministry.

You can mix these no-cost ways together. For example, you might consider leaving a specific percentage (such as 50%) of the residual to your parish or the Archdiocese of Chicago contingent upon the survival of your spouse.

You may also be interested in this sample language for your will and sample codicil to further help you in this process.

Gifts by Beneficiary Designation

It’s easy to put your bank accounts, retirement funds, savings bonds, and more to bring Christ to the world through spiritual renewal, academic excellence and parish-based outreach — and it costs you nothing now.

By naming your parish and/or the Archdiocese of Chicago as a beneficiary of these assets, you can power our mission for years to come and establish your personal legacy of service to others.

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Potential benefits of gifts by beneficiary designation:

  • Reduce or eliminate taxes
  • Reduce or avoid probate fees
  • No cost to you now to give
  • Create your legacy with your parish and/or the Archdiocese of Chicago

Types of Gifts

Retirement plan assets

You can simply name your parish or the Archdiocese of Chicago as a beneficiary of your retirement plan to provide inspiration, education and services to the less fortunate in our Archdiocese and throughout the world.

Life insurance policies

You can name your parish or the Archdiocese of Chicago as a beneficiary of all or a portion of your life insurance policy. With this gift arrangement, the Archdiocese of Chicago will receive the proceeds of your policy after your lifetime. You can change your beneficiary at any time and may reduce your estate taxes.

Bank or brokerage accounts

This is one of the easiest gifts to give and one of the most useful in accomplishing your philanthropic goals. The next time you visit your bank, you can name your parish or the Archdiocese of Chicago (Tax ID: 36-2170826) as the beneficiary of a checking or savings bank account, a certificate of deposit (CD), or a brokerage account. When you do, you’ll take a powerful step toward supporting the Archdiocese of Chicago for generations to come.

Funds remaining in your donor-advised fund

What remains in a donor-advised fund is governed by the contract you completed when you created your fund. When you name your parish or the Archdiocese of Chicago as a “successor” of your account or a portion of your account value, you enable us to continue serving the needy, providing quality Catholic education and supporting our parishes.

How to update a beneficiary designation:

  1. Simply contact your bank, retirement plan administrator, insurance company, or other financial institution to request a beneficiary designation form. You may also be able to log in to your account and update your beneficiaries online.
  2. Please use our legal name: The Catholic Bishop of Chicago
  3. Include our tax identification number: 36-2170826
  4. Please let us know so we can ensure that your wishes are carried out.

Complimentary Gift Planning Resources are Just a Click Away!

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