Support - The WVIA Legacy Society
Wills - Estates - Legacy
What is a Will?
A Will (or testament) is a written legal declaration that allows you to announce who should receive your assets after death. Without a Will, you may give everything you have worked so hard for all your life to the state and let it decide for you. If you die without a Will, the state in which you live at death follows inflexible rules for distributing your assets.
What is an Estate?
An “Estate” is simply a word that means assets, including money, property or personal belongings that you own at the time of your death. Contrary to popular belief, the word “estate” does not necessarily imply great wealth.
What is a Legacy?
A legacy is a gift by will of money or other personal property. Legacy gifts to WVIA are invested as permanent funds that will continue to support the causes you believe in for years after your death.
Why should I consider leaving a Legacy?
Consider the services provided by WVIA. Through your legacy gift you can ensure the programs you care about will thrive in perpetuity and the issues you are concerned about will continue to be addressed for the benefit of generations to come.
Must I be wealthy to consider a Legacy gift?
Everyone can leave a Legacy gift regardless of assets or income, as all amounts are needed and appreciated by WVIA and will be recognized with your permission in our donor reports.
How do I make a legacy gift?
Creating a Will is not as difficult or time consuming as you might expect. An attorney can walk you through the process in one appointment and you will immediately have peace of mind knowing if the unexpected should occur, your loved ones are protected and the causes you care about will remember you forever. If you already have a Will, all you need to do is add a codicil – a short legal amendment to your existing Will. It can be done by simply adding the following language:
“I give, devise and bequeath to the WVIA ENDOWMENT of the Northeastern Pennsylvania Educational TV Association, $_______________ (or ____% of my estate, including real and personal property).”
To leave a bequest of the residue of your estate after you have taken care of loved ones, include these words, “The residue of my estate, including real and personal property, I give, devise and bequeath to WVIA, also known as The Northeastern Pennsylvania Educational Television Association.” You should sign this document at the end.
When should I fund my legacy?
Depending on your assets and goals, you can fund your legacy now or after your lifetime. For example, perhaps you wish to see how your contribution affects your neighbors now, while you are still alive. You may choose to fund a specific service such as WVIA children’s programs and projects or documentaries about your area. Alternatively, you can just designate your entire legacy to be funded after your lifetime if that is more appropriate for you.
How should I fund my legacy?
There are many planned giving options that allow you to make a legacy gift such as retirement funds, appreciated stock, or real estate. Your legacy can be structured in a way that is most advantageous for you.
Who can answer my questions or give me advice? The obvious choices include an attorney or financial planner. Or, you can simply contact WVIA and we will be happy to assist you without cost or obligation. However, WVIA cannot provide legal advice.
What will WVIA do with my legacy gift?
The principal of your gift will remain forever untouched and only the interest accessed to meet WVIA’s needs. These funds will be used as you instruct, or in the absence of your directions, applied to the not-for-profit public services WVIA is licensed and required to provide.