Charitable
Bequests
A charitable bequest is simply a distribution from your estate to a charitable organization. There are different kinds of bequests. For each, you must use very specific language to indicate the precise direction of your assets, and to successfully carry out your final wishes. In any charitable bequest, be sure to name the recipient accurately.
Do you have an estate?
Your "estate" is the sum of your assets, including property you own, insurance policies, retirement accounts, cash on hand, etc. Wealthy people may have very large estates, but even people who aren't wealthy often have the resources to make a charitable bequest. If every adult in America made a will and included a bequest of just $100, billions of dollars would flow to charitable causes every year.
Below, we have listed some of the more common kinds of bequests, and some bequest language. We always recommend that you carefully review the terms of your will with a professional trained in handling trusts and estates.
For more specific information about charitable estate planning, CLICK HERE to visit our Guide to Planned Giving section of this web site. Please note, you should always consult with a professional advisor when making financial decisions.
A charitable bequest is simply a distribution from your estate to a charitable organization. There are different kinds of bequests. For each, you must use very specific language to indicate the precise direction of your assets, and to successfully carry out your final wishes. In any charitable bequest, be sure to name the recipient accurately.
Do you have an estate?
Your "estate" is the sum of your assets, including property you own, insurance policies, retirement accounts, cash on hand, etc. Wealthy people may have very large estates, but even people who aren't wealthy often have the resources to make a charitable bequest. If every adult in America made a will and included a bequest of just $100, billions of dollars would flow to charitable causes every year.
Below, we have listed some of the more common kinds of bequests, and some bequest language. We always recommend that you carefully review the terms of your will with a professional trained in handling trusts and estates.
General
Bequests
are legacies
left to
certain
people or
causes that
come from
the general
value of the
estate, and
are made by
designating
a specific
dollar
amount, a
particular
asset or a
fixed
percentage
of your
estate to
the cause of
your choice.
General bequest language:
"I give, devise, and bequeath to NAME OF CHARITY/LOCATION, the sum of $________(or a description of the specific asset), for the benefit of NAME OF CHARITY and its general purposes."
Specific Bequests are made when a particular item or property is bequeathed for a designated purpose. (i.e., instruments bequeathed to the local school district for use in music education; dollar funds to be used in the operation of a school or church.)
Specific bequest language:
"I give, devise, and bequeath to NAME OF CHARITY/LOCATION, the sum of $_______ (or a description of a specific asset), for the benefit of NAME OF CHARITY to be used for the following purpose: (state the purpose). If at any time in the judgment of the trustees of NAME OF CHARITY it is impossible or impracticable to carry out exactly the designated purpose, they shall determine an alternative purpose closest to the designated purpose."
Residuary Bequests are made when you intend to leave the residue portion of your assets after other terms of the will have been satisfied.
Residuary bequest language:
"All the rest, residue, and remainder of my estate, both real and personal, I give to NAME OF CHARITY/LOCATION, for its general purposes."
Contingency Bequests allow you to leave a portion of your estate to a particular charity if your named beneficiary does not survive you.
Contingency bequest language:
"I devise and bequeath the residue of the property, real and personal and wherever situated, owned by me at my death, to (name of beneficiary), if (she/he) survives me. If (name of beneficiary) does not survive me, I devise and bequeath my residuary estate to NAME OF CHARITY/LOCATION, for its general purposes."
General bequest language:
"I give, devise, and bequeath to NAME OF CHARITY/LOCATION, the sum of $________(or a description of the specific asset), for the benefit of NAME OF CHARITY and its general purposes."
Specific Bequests are made when a particular item or property is bequeathed for a designated purpose. (i.e., instruments bequeathed to the local school district for use in music education; dollar funds to be used in the operation of a school or church.)
Specific bequest language:
"I give, devise, and bequeath to NAME OF CHARITY/LOCATION, the sum of $_______ (or a description of a specific asset), for the benefit of NAME OF CHARITY to be used for the following purpose: (state the purpose). If at any time in the judgment of the trustees of NAME OF CHARITY it is impossible or impracticable to carry out exactly the designated purpose, they shall determine an alternative purpose closest to the designated purpose."
Residuary Bequests are made when you intend to leave the residue portion of your assets after other terms of the will have been satisfied.
Residuary bequest language:
"All the rest, residue, and remainder of my estate, both real and personal, I give to NAME OF CHARITY/LOCATION, for its general purposes."
Contingency Bequests allow you to leave a portion of your estate to a particular charity if your named beneficiary does not survive you.
Contingency bequest language:
"I devise and bequeath the residue of the property, real and personal and wherever situated, owned by me at my death, to (name of beneficiary), if (she/he) survives me. If (name of beneficiary) does not survive me, I devise and bequeath my residuary estate to NAME OF CHARITY/LOCATION, for its general purposes."
Without a
will, there
is no
mechanism in
place to
make a
bequest, so
here are the
steps you
should take
to make sure
your wishes
are granted.
- Make a list of organizations or causes that you would like to support.
- Make a detailed list of your assets (financial, real estate, vehicles, jewelry, collectibles, musical instruments, etc.)
- Set up an appointment with your financial analyst or attorney, or planned giving officer at the organization you intend to support. These professionals will help sensitively guide you through the process.
For more specific information about charitable estate planning, CLICK HERE to visit our Guide to Planned Giving section of this web site. Please note, you should always consult with a professional advisor when making financial decisions.