The Diocese of St. Petersburg administers all diocesan estates and trusts in accordance with diocesan policy and procedures. As corporation sole and in accordance with canon law, the bishop is the recipient and administrator of all bequests made to the diocese and any diocesan entities.
There can be many advantages to leaving a gift in this way. Naming a parish, school or diocesan entity in your will, trust or as a beneficiary on a life insurance policy is a way for any parishioner to bless future generations through a legacy gift and support the ministry of the church. The parish, school or diocesan entity also benefit immensely by getting more money than they would otherwise if tax deductions had to be taken into consideration. This gift is a living reminder left by individuals and/or families that will continue to support the causes they believe in for years to come. Any donor can plan a legacy gift regardless of current assets or income.
There are basically two kinds of gifts that most people need to be concerned with. They are residuary bequests and pecuniary (specific) bequests. Pecuniary bequests are the more common for most people. It means that you specify a certain amount that will be given, or you can specify various amounts to be given to several entities.
Residuary bequests are in many ways the easier to make. It means that after you have allotted certain amounts to family members and friends, and whoever else you wish to be considered in your will, whatever is left over will go to a stated entity of your choice. There may be very little left over, or there may be disproportionately too much. However, you do have a choice of how you can distribute money through making legacy gifts.
You may also consider naming a parish, school or diocesan entity as the beneficiary on one of your life insurance policies or IRA account or adding as a contingent or percentage beneficiary to an existing policy or IRA.
We invite you to learn more about the many ways you can make a difference by visiting our Catholic Foundation website to learn more about:
- Find our standard bequest language that should be used when updating your Will, trust, or naming beneficiaries for your IRAs or other accounts.
- Sign up for our e-newsletter with articles designed to help you stay informed about tax laws, learn more about the latest giving options, educate about the challenges we face as we age, and more.
- Request a variety of informational brochures and calculations designed to help you plan your stewardship and philanthropy most effectively.
To redirect to the Catholic Foundation website, please click here.