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Bequest


Charitable bequests can fall into any of these four categories. One common approach is to leave specific or demonstrative bequests to family members or other individuals and then leave a residuary charitable bequest to a charitable organization. These bequests can be directed to private foundations and charities that sponsor a donor-advised fund program, allowing the bequest to become an ongoing means of charitable support. That way, the individuals get exactly the amount or items you want to leave them, and the charity gets funds that remain.




bequest



Efficiency: Charitable bequests can help the efficiency of settling an estate because the bequests provide clear instructions to the executor on how to distribute certain assets in accordance with the testator's wishes. Making charitable bequests to a donor-advised fund, explained in more detail below, can also be more efficient than other types of charitable bequests because it can streamline the work for the estate executor.


Be sure your wishes are well known to your family or a lawyer. The ability to change the beneficiaries of your charitable bequests underscores the importance of naming an executor who is thoroughly familiar with, and supports, your wishes. An executor's duty is to ensure that your philanthropic goals are carried out as closely as possible to the original intent.


The process of setting up a charitable bequest begins with you and your estate-planning attorney drawing up a comprehensive will. The rest of your wealth planning team may also be involved: your financial planner, your accountant and your tax advisor.


Involve your financial planner to assess the complexity of your estate, and identify which assets are best suited for distribution among the various recipients of your charitable and non-charitable bequests.


If a donor-advised fund is funded through a charitable bequest at the time your will is executed, your taxable estate is reduced by the value of your gift in the same way as any other charitable gift. You can direct your executor to recommend grants immediately out of the fund to as many charities as you would like, or you can allow your executor to recommend grants over time. For example, with a Giving Account, you can enroll in an endowed giving program which can provide an ongoing source of support for up to six charities.


Charitable bequests can also be used to effectively pass the gift of philanthropy on to the next generation. For example, you could create multiple donor-advised funds for various members of your family with bequests from your estate. Alternately, you can name an individual or individuals as successors to your existing donor-advised fund with shared advising responsibilities, potentially becoming a reason that siblings, children, grandchildren stay knit more tightly together pursuing a shared mission.


Charitable bequests can fall into any of these four categories. One common approach is to leave specific or demonstrative bequests to family members or other individuals and then leave a residuary charitable bequest to a charitable organization. These bequests can be directed to private foundations and charities that sponsor a donor-advised fund program, allowing the bequest to become an ongoing means of charitable support. That way, the individuals get exactly the amount or items you want to leave them, and the charity receives the remaining funds.


Donors who have remembered the Museum in their Wills have benefited the institution in many ways, helping to build and maintain its collection and providing indispensable support for exhibitions, scholarly publications, conservation efforts, and a range of educational activities. A bequest is one of the simplest ways to provide for The Met's future and can take many forms.


Suggested language for making an unrestricted bequest: "I give, devise and bequeath [the sum of ____ dollars], [all or ____ percent of the rest, remainder and residue of my estate of every kind and description (including lapsed legacies and devises)] to The Metropolitan Museum of Art, 1000 Fifth Avenue, New York, New York, for its general corporate purposes."


Important Note: If you do specify a use for your bequest, the following language will ensure that your gift will always remain productive: "If at any time in the judgment of the Trustees of The Metropolitan Museum of Art the designated use of this bequest is no longer practicable or appropriate, then the Trustees shall use the bequest to further the general purposes of the Museum, giving consideration, where possible, to my special interest as described above."


You can make a bequest to Stanford by including language in your will or living trust leaving a portion of your estate to the university or by designating Stanford as a beneficiary of your retirement account or life insurance policy.


A bequest to Stanford can be made for a specific amount, for a percentage of your estate, or for all or a portion of what is left after you have made bequests to your family. To make a gift to Stanford from your estate, you must sign a new will or living trust instrument, add a codicil to your present will, or make an amendment to your present trust instrument.


An unrestricted bequest allows the university to determine how to use the funds based on its most pressing needs. Unrestricted bequests are extremely valuable because the university can use them flexibly to meet its future needs.


A restricted bequest directs assets to a specific fund, school, or particular purpose, such as an undergraduate scholarship. The sample language below shows how to word gifts to be restricted to specific schools or for such purposes as undergraduate financial aid. A restricted bequest may be for an expendable or endowed fund. Because each restricted bequest is unique, Stanford encourages donors considering this type of gift to speak with a member of the planned giving staff about the appropriate language.


Endowed funds provide income every year in perpetuity to carry out the designated purpose of the fund. Note that endowed funds have minimum required amounts. Please speak with a member of the planned giving staff if you are considering a bequest to establish an endowed fund.


A fund created by your bequest can carry your name or the name of a family member or other person you wish to honor. Named funds, because of the support they offer to programs and people, are a way to share what is meaningful to you within the university community well into the future. Note that minimum gift amounts required for creating named, endowed funds vary, so please contact the Office of Planned Giving for further information.


The Animal Benefit Bequest Fund was established to provide funding and support for programs, activities, equipment and facilities for the benefit of animals in unincorporated Snohomish County. Resources for this fund are from donations, gifts and bequests from individuals, businesses and organizations.


You'll choose how you would like to make your bequest: It can be for a specific dollar amount or percentage, specified assets, or even real estate or tangible personal property. You can also make your bequest residuary, meaning Dartmouth receives its portion of your estate after other obligations are met. Alternatively, you may opt for a contingent bequest, in which Dartmouth becomes the beneficiary if your initial plans cannot be fulfilled due to some change in circumstances.


You create a bequest by including a gift for the university in your will or revocable trust. The university may be your only beneficiary or one of many. You can even use your bequest to take care of loved ones first, and pass your gift to the university only after the death of your survivors.


After you create your bequest, you continue to have full lifetime control of your assets and can adjust your gift at any time during your life. You are free to change the amount of your gift, how you wish it to be used, or any other detail of your bequest, should you decide to do so.


"I leave _________ (cash, securities, real estate, artwork, etc.) to the Virginia Tech Foundation, Inc., Blacksburg, Virginia, for the support of Virginia Polytechnic Institute and State University. This bequest shall be used for the (named scholarship, professorship, unrestricted, etc.)."


Testamentary trust: Combines multiple goals and long-term asset management, usually giving lifetime income to family members and the trust remainder to Virginia Tech. Your attorney can craft trust language to meet your specific needs. Please note: If your intent is to support Virginia Tech, it is important that your will or trust document state that you are making your bequest to:


If you or your attorney have questions, or if you wish to use your bequest to establish an endowment or to support a particular area or initiative at Virginia Tech, please e-mail giftplanning@vt.edu, call 800-533-1144 or 540-231-2813, or contact a development officer for the area you wish to support.


We suggest the following language for a bequest to the ACLU. Such a bequest is not deductible for purposes of federal estate tax, but can be used most flexibly by the ACLU, including for legislative lobbying. The tax ID# of the American Civil Liberties Union is 13-3871360.


Part of the process of probate involves interpreting the instructions in a will.Some wordings that define the scope of a bequest have specific interpretations. "All the estate I own" would involve all of the decedent's possessions at the moment of death.[3]


A conditional bequest is a bequest that will be granted only if a particular event has occurred by the time of its operation. For example, a testator might write in the will that "Mary will receive the house held in trust if she is married" or "if she has children," etc.


An executory bequest is a bequest that will be granted only if a particular event occurs in the future. For example, a testator might write in the will that "Mary will receive the house held in trust set when she marries" or "when she has children". 041b061a72


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