2) Make your favorite causes beneficiaries of life insurance, annuities, IRA or Pension Plans
You can name a cause as a beneficiary of your annuity or whole-life, term or employer-provided life insurance policy. Simply submit an updated beneficiary designation form to your life insurance agent or mail it directly to the life insurance company.
Similarly, you can include a cause as a beneficiary of your retirement plan, such as a traditional IRA or 401(k) account, simply by updating the beneficiary designation form, which can be obtained from the plan administrator. Naming charity as beneficiary of your retirement plan eliminates income and estate taxes on that asset, so that upon your death, all of the remaining balance goes to support a worthy cause.
Although forms will differ from one financial institution to the next, you will need the following information:
Beneficiary’s legal name and address: Tax ID number: XX-XXXXXXX