Create Your Legacy
There are several ways to leave a legacy. Some people choose one. Some choose more than one. Here are the options, depending on what you already have in place.
-
The law decides what happens to your estate if you do not have one, and friends and chosen charities are not part of that decision. Writing a will gives you the power to make those choices yourself.
We have partnered with FreeWill to make this free and simple. Most people finish in 20 minutes or less, online, on their own time. You can name Oscar's Place as part of the process or not. There is no pressure.
-
If you already have a will or trust, you do not need to start over. Your attorney can add Oscar's Place with a short amendment called a codicil. It is the simplest way to include us.
-
(This is separate from your will or trust. Even if you have those in place, these accounts pass by beneficiary form, not by your will.) Many people do not realize that their largest assets, retirement accounts and life insurance policies, do not pass through their will. Those accounts are distributed based on the beneficiary form on file with the institution that holds them.
Naming Oscar’s Place as a full or partial beneficiary on those accounts is one of the most powerful, and often overlooked, ways to leave a legacy. FreeWill provides a tool that walks you through it for each account type.
-
If you have already named Oscar's Place in your will, your trust, or as a beneficiary on an account, thank you. We would love to know. Telling us is not a binding commitment, and you can change your mind at any time. But it allows us to thank you properly, to plan thoughtfully, and to honor your decision with a plaque on our legacy fence.
Terms You May Come Across
Bequest —A gift left in a will.
Trust (or Revocable Living Trust) —A legal arrangement that holds your assets and explains how they should be managed and distributed. A "revocable living trust" is the most common type. "Revocable" means you can change it at any time. "Living" means it is active during your lifetime. Many people in California use revocable living trusts because they help families avoid the slow and public court process called probate after death. A trust can name Oscar's Place as a beneficiary just like a will can.
Codicil —A short addition or amendment to an existing will. If your will already exists, this is the simplest way to add Oscar's Place. Your attorney can draft one in a single appointment.
Beneficiary — The person or organization receiving a gift. This term applies to wills, trusts, retirement accounts, and life insurance policies. Each of those documents has its own beneficiary form.
Residuary (or Residue of Estate) — What is left of your estate after specific gifts, debts, taxes, and expenses have been paid. Many people leave a percentage of their residuary to charity because it adjusts naturally with the value of the estate over time.
Attorney and Executor — Two different people who play two different roles. An attorney is the lawyer you hire to help you write or update your will or trust. An executor is the person you name in your will to carry out your wishes after you pass. The executor handles paperwork, pays final bills, files taxes, and makes sure your gifts reach the people and organizations you named. Sometimes people name their attorney as their executor, but they do not have to.
