The news was delivered routinely to the All Souls office during the past summer in a nondescript envelope with a local postmark. However, the envelope could have been postmarked “Heaven”. It contained a letter stating that deceased parishioners had bequeathed All Souls $408,000. The bequest came at a time when All Souls was facing a financial crisis: Bills amounting to $967,000 and possibly more would be coming due imminently to pay for the repair of the defunct heating and air conditioning system and the replacement of a badly leaking slate roof. There was also an operating budget deficit projected for the current year. Another letter arrived soon afterwards announcing that two other late parishioners had left All Souls $25,000. And yet another letter was delivered saying another couple bequeathed All Souls $25,000.
These bequests totaling $458,000 could be described as badly needed pennies (or thousands) from “Heaven”. They arrived at the most fortuitous time as the church stared a financial crisis in the face. These three families were silent members of the All Souls Legacy Society, which encourages parishioners to remember All Souls in their last wills and testaments. Estate planning dinners were held a few years ago (pre-Covid) in the undercroft featuring attorneys who specialize in estate planning. Parishioners who volunteer that they have included All Souls among their bequests are members of the All Souls Legacy Society.
If unrestricted funds are bequeathed directly to the church, they are typically managed by the Endowment Board as the “Quasi-Endowment.” Funds that are left specifically to the All Souls Permanent Endowment are also managed by the Endowment Board. Board members function as fiduciaries. There are restrictions on the terms and conditions of withdrawals from the Permanent Endowment. However, guidelines specify that all parts of the endowment are spent primarily for large capital improvements and grants to deserving non-profits and not for operating funds.
Let me urge you to speak to your attorney right away about remembering All Souls in your last will and testament. If you have not written a will yet, I urge you to do so. If you have already drawn up a will, you can ask your attorney to write a codicil to include a bequest to All Souls or the more restrictive All Souls Endowment. You will automatically become a member of the Legacy Society.
Let us hope that one of these days a letter will be delivered to the All Souls office saying you are sending a bequest posthumously postmarked from “Heaven”.
Jim Lewis
Chair, All Souls Endowment Board