About three hours north of us here in Minneapolis, a public library has received a substantial gift indeed.
The Duluth Public Library recently announced that a local woman left the Duluth Library Foundation $69,000 in her will. The library has not said what it plans to use the bequest for, but it is common knowledge that city budgets in Duluth have been tight over the past few years, so there has not been a lot of money for the library to update its collections, extend hours or increase staff wages. In other words, it's completely reasonable to assume the foundation was very grateful for such a generous bequest.
What's notable here is that the woman who made the bequest was not lavishly wealthy. She worked at the local newspaper for 46 years and probably enjoyed a comfortable, but not luxurious, lifestyle.
Her story is a good illustration of how a lifetime of careful financial management, coupled with thoughtful and purpose-driven estate planning steps, can enable people to leave substantial legacies even if they were not born into great wealth and never won the lottery.
Many people use estate planning instruments to carry out objectives they found worthwhile during their lifetimes. Some people use trusts to establish scholarship funds, for example. Others, like this woman, make a one-time bequest via their wills.
If these are opportunities you would like to explore, you might consider speaking to an estate planning attorney. For further relevant information about estate planning law and the way we approach client matters, you could consider stopping by the Estate Planning section of our website.
Source: The Duluth News Tribune, "Faces & Names: Duluth Library Foundation receives $69K donation," Oct. 4, 2012
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