Alternatives to A Bequest

Make simple estate gifts without changing your will or trust

Several little-known alternatives also avoid probate and usually avoid income taxes and "death taxes" to your estate.

Consider this example: Ruth and Carol were sisters with a joint bank account. After Carol died, Ruth wanted to make sure that, upon her own death, what was left in the account would to go to EFCA for international missions and church planting. Ruth's bank manager told her she could arrange this by making the Evangelical Free Church of America as beneficiary of a P.O.D. (pay on death) account.

P.O.D. accounts are allowed in most states and by most financial institutions for any type of financial account: savings, checking, CD, brokerage firm, credit union, etc. By simply complete a form, you can name your local Evangelical Free church or the EFCA as beneficiary while keeping the right to change the arrangement at any time.

Here is a list of other common bequest substitutes:
  • "Totten" trust (sometimes called savings account trust): In spite of the name, you do not have to set up a trust. The account name simply indicates that you want it to be "in trust for the Evangelical Free Church of America." You have complete control of the money during lifetime. At death, the account balance passes to the EFCA.
  • P.O.D. U.S. savings bonds: When you buy the bonds, you register them in your name "payable on death to the Evangelical Free Church of America."
  • IRA, 401(k), 403(b), Keogh or pension plan beneficiary: Your plan administrator will give you the form to do this. You may name Evangelical Free Church of America as full, partial or secondary beneficiary by completing the form.
  • Mutual fund beneficiary: Your mutual fund company will give you the form you need to name the Evangelical Free Church of America as full or partial beneficiary of the fund at your death.
  • Life insurance beneficiary: Your insurance company will give you the form to name the Evangelical Free Church of America as full or partial beneficiary.
  • Certificate of deposit beneficiary: Your financial institution or the Christian Investors Foundation www.christianinvestors.org can help you establish a CD where the EFCA is beneficiary at your death, or you may change the beneficiary of an existing CD.
If you would like more information about making an estate gift to EFCA through options that are alternatives to a bequest, click here.


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