Suggested Language for Beneficiary Designations

Sample Beneficiary Designations/Bequests to Commonwealth Community Trust

A. Inter vivos (lifetime) Transfers

“The Trust Company of Virginia, or its successor, as Trustee of Commonwealth Community Trust dated October 9, 1990, as amended, for the benefit of (Beneficiary’s name) ________________________.”

B. Testamentary (by will) Transfers*

  1. Specific Bequest:
    “If my son/daughter/beneficiary, ____________________, survives me, I give and bequeath the sum of $_______________ to the Trust Company of Virginia, or its successor, as Trustee of Commonwealth Community Trust, dated October 9, 1990, as amended, for the benefit of (Beneficiary’s name)  ____________________.”
  2. Residual Bequest:
    “If I am survived by my son/daughter/beneficiary, ____________________, I give,and bequeath _____% of my Residuary Estate to “The Trust Company of Virginia, or its successor, as Trustee of Commonwealth Community Trust dated October 9, 1990, as amended, for the benefit of (Beneficiary’s name)  ____________________.”
  3. Outright Cash Bequest (Donation) to Endowment Fund:
    “I give and bequeath the sum of $__________ to Commonwealth Community Trust Endowment Fund, or its legal successor.”

C. Life Insurance Policies or Qualified Retirement Accounts*

“The Trust Company of Virginia, or its successor, as Trustee of Commonwealth Community Trust dated October 9, 1990, as amended, for the benefit of (Beneficiary’s name) ________________________.”

*Notes: 

  • Language to be included in a will to make sure that the fund will be administered in accordance with the terms of Commonwealth Community Trust as amended from time to time. “It is my intention that this bequest shall be administered and disposed of in accordance with the terms of Commonwealth Community Trust as such terms may be amended from time to time including amendments which may occur after my death.”
  • The personal representative of the decedent’s estate must be given power of sale over real property.  Commonwealth Community Trust does not accept real property as a part of any account.
  • These provisions should be used by an attorney as a part of a comprehensive estate plan to insure it meets the individual needs of the grantor/testator and meets the requirements of applicable state law.
  • Income tax implications may occur as a result of naming CCT as the beneficiary of Qualified Plans. Please consult with a tax professional before changing your beneficiary designations.

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