What Is a Will or Bequest?

Gifts through a financial or estate plan shape the pediatric care of tomorrow and impact generations to come but you might be wondering what information you need to leave Lurie Children’s in your will. Kevin Longstreth, Lurie Children’s Associate Director, Legacy & Leadership Giving, explains wills, bequests and how you can make an impact on kids for years to come.  

“When people ask me what I do for a living, I say I help to make people feel good—I help them to document and share their values so their wishes can live on after they pass,” he says. “I have the privilege of creating legacies for those who want to provide hope and healing to Chicago children and families at Lurie Children’s.” 

What is a will?

Formally, a will is a legal document that contains your direct wishes for your money, property, possessions, investments, and any dependents you may have—go to the people or causes you care about. Informally, it reflects what you care about most, Kevin says.  

What is a bequest? 

Bequests are gifts made to another person, institution or charity like Lurie Children’s as part of a will or trust. A bequest is one of the easiest gifts to make. “With the help of an advisor even an online resource like freewill.com/luriechildrens, you can include language in your will or trust specifying a gift be made to family, friends or Lurie Children's as part of your estate plan,” Kevin shares. “They can also offer tax benefits, such as unlimited deductions against the value of an estate.” 

August marks National Make-a-Will Month 

August is National Make-A-Will Month, serving as a reminder to address a task that many people procrastinate—creating a will. We have heard from a growing number of donors using resources like freewill.com to create their wills, often in a matter of minutes. In addition to conveying your wishes to loved ones, you may consider incorporating charities with personal significance into your financial or estate plan. For example, you could give most of your assets to your family – and leave a certain percentage or specific dollar amount to a non-profit, like Lurie Children’s. National Make-a-Will Month is a great time to plan for the future you want for the people you love most.  

Legacy gifts, also known as planned gifts, allow donors to impact the future of Lurie Children's while ensuring you maintain control over your assets during your lifetime and do not negatively impact your current cash flow. And it makes you feel good knowing that your love can establish a lasting legacy.   

No matter your financial situation or giving goals, there's a legacy giving option that can work for you. “Our team at Lurie Children's is here to answer your questions about your will or bequest,” says Kevin. “We can work with you to match your values and vision with an area at Lurie Children’s that you care most about and chat about how or if you would like to be recognized during your lifetime.”  

In addition to including Lurie Children’s in your will or estate, Kevin shares that there are other legacy giving options to consider, each with its advantages:  

• Financial Account Beneficiary Designations: Did you know you can designate Lurie Children's as a beneficiary of your IRA, 401k, donor-advised fund (DAF) - and even your bank account? This is a simple way to maximize the charitable impact of your assets.  

• Life Income Gifts: These options provide you with a fixed income stream for life, while ultimately benefiting Lurie Children's. A charitable gift annuity, for example, allows you to contribute cash or securities in exchange for guaranteed payments, and potential tax benefits.    

Kevin encourages donors and potential donors to explore all of the planned options on our website or to connect with the team at Lurie Children’s to discuss ways to give. “We understand that discussing your estate can feel personal, and we're committed to providing a confidential and comfortable space for these conversations,” shares Kevin. 

The most common information you will need to include Lurie Children’s in your estate plans is listed below:  

Legal name: Ann & Robert H. Lurie Children’s Hospital of Chicago Foundation  

Mailing Address: 225 E. Chicago Avenue, Box 4, Chicago, IL 60611  

Federal Tax ID: 36-3357006  

Find out more about gifts through a financial or estate plan.  

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