Legacy Gift Vehicles

With LegacyGiftTracker, you can track gifts your organisation expects to receive from a donor through a bequest, estate, or life insurance policy. On the record of a legacy gift, you can view which method — or vehicle — the donor selected to specify the gift conditions and additional pertinent details under the vehicle’s name. For each method, you view different types of information.

When a donor specifies that a legacy is a bequest, the gift transfers to your organisation after the donor passes away.

Note: For information about a bequest, refer to Legacy gift details on its gift record. For more, see Legacy Gifts.

With a retained life estate, a donor transfers a home to your organisation, but retains the right to use it for a specified number of years or their lifetime. They may also specify an individual — or beneficiary — to use it after they pass away. After the specified period — or term — ends, the home transfers to your organisation.

Under Retained life estate, you can view:

  • Address block — The address of the home

  • Term type — Whether the length of the trust lasts until a specific — or fixed — date, the life of the donor or their beneficiary, or the shorter or longer of either

  • Term end date — For a fixed term, when it ends

When your organisation receives a legacy gift that is not one of the other vehicles — such as a bargain sale to buy a property for less than fair market value — you can record it as other planned gift.

Under Other legacy gift, you can view:

  • Payout percent— The percentage of the gift’s value your organisation or the beneficiaries receive

  • Payment frequency — How often your organisation or the beneficiaries receive payments

  • Payout amount — How much your organisation or the beneficiaries receive from the gift

  • First payment date — When the payments to your organisation or the beneficiaries begin

With life insurance, a donor selects your organisation to receive the value of their policy after they pass away.

Under Life insurance, you can view:

  • Insurance carrier— The company that provides the insurance policy

  • Policy number— The policy’s identification number or account with the carrier

  • Policy type — The form of insurance the policy provides, such as term or whole life

  • Policy face amount — The stated amount your organisation receives when the donor passes away

  • Premium amount — The amount the donor or your organisation pays the carrier for the policy

  • Donor owns policy — Whether the donor owns the policy

  • Donor pays premium — Whether the donor is responsible for payments to the carrier

  • Premium fully paid — Whether the premium payments are complete