First of all, what is a charitable bequest?

It is essentially a stipulation in a donor's will that states that a certain sum of money or percentage of one's estate be given to a charitable organization, in this case, APF.

Why do people make charitable bequests?

There are various reasons why people give. A donor may have a personal connection to an organization or might, quite simply, believe in its mission. Many people make charitable bequests to APF because they want to give back to psychology and see their name and legacy perpetuated in the field.

What are the benefits if I were to make a charitable bequest?

Well, there are some tax benefits (for example, heirs will not be taxed on a bequest) as well as the benefit of knowing that you are perpetuating psychology and giving back to the discipline after your lifetime. Many donors feel unsure about making a gift of current assets because those monies may be needed. A bequest ensures that the organization will receive a gift and that the donor's assets remain intact for as long as he or she needs them. A bequest allows a donor to provide for heirs first and the charitable organization second.

At what age should people begin thinking about drafting a will and including a charitable bequest in it?

It is never too soon to draft a first will. However, I believe the average age to make a will is around age 45. At this point in life, people begin to understand the importance of providing for loved ones and leaving a lasting legacy that will benefit others. A will drafted at any age can always be amended or expanded as an individual's life circumstances change.

In general, how would I go about making a bequest?

You would simply ask your attorney to include language in your will expressing your wish to do so. When making a bequest, you have the ability to stipulate that a charitable organization receive a percentage of the estate, a fixed amount of money or the residuary, which is what is left of an estate after all other debts, taxes, expenses and bequests have been fulfilled. Your attorney or tax adviser would be able to instruct you on which bequest would best serve you and your heirs.

Why would I want to consider APF as a beneficiary in my will?

APF provides benefits for those who include the foundation in their estate plans. These individuals become members of APF's Legacy Club (see box), and they receive preferred seating at APA's Opening Session at the APA Annual Convention and invitations to special foundation events. Their names are listed in the American Psychologist, the APF newsletter, and in APF's annual report.

How can I learn more?

Individuals interested in making a bequest or another planned gift can contact me or (202) 336-5843 or Idalia Ramos, assistant director, at e-mail or (202) 336-5814.

The American Psychological Foundation provides financial support for innovative research and programs that enhance the power of psychology to elevate the human condition and advance human potential both now and in generations to come. Making a bequest to the foundation is a way to give back to psychology, and because APF is a 501 (c)(3) tax-exempt organization, a bequest is tax-exempt.