For some types of assets such as life insurance, bank accounts, IRAs and retirement accounts, you can use a simple form to request payment at your death to one or more individuals or charities. The assets pass automatically to the designated beneficiary as soon as an application and proper documentation are submitted to the company.

Request a form from your agent or the administrator of your plan and fill in:

The Minneapolis Foundation
EIN 41-6029402
for the [name of your fund.]

You can give the entire account, or just a portion of it. For example, “50% to my spouse and 50% to The Minneapolis Foundation for the [name of your fund.]"

You can also make a contingent gift: “to my loved one, or if s/he does not survive me, to The Minneapolis Foundation for the [name of your fund.]

For some accounts, your spouse may need to consent if you are married.

Retirement assets are especially good assets to use for charitable giving. If they are left to individuals, they may be subject to both income and estate tax. If they are left to charity, the entire value can be used to support those things most important to you.