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WILLS & LIVING TRUSTS
A last will and testament is a legal document that communicates an individual's final wishes pertaining to their assets and property of any kind and determines the ultimate assignment of that property. A "bequest" is a gift contained in a will or trust of a specific amount or a specific asset or property that will pass to a beneficiary under the will or the trust.
BENEFITS OF A BEQUEST
- Receive an estate tax charitable deduction
- Reduce the burden of taxes on your family
TYPE OF BEQUESTS
Specific Bequest. A specific bequest is when the person creating the will designates a particular item or asset to be given to a specific individual or organization upon their death.
Residual Bequest. A residual bequest is made from the balance of an estate after the will or trust has given away one or more specific bequests. A residual bequest can include the entire rest and residue of a person's estate or trust assets, after deducting any specific gifts, taxes, expenses, etc., or it can reflect a percentage or a portion of the residue of the estate. A common residual bequest involves leaving a percentage of the residue of the estate to charity.
Contingent Bequest. A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you could leave specific property, such as a tractor, to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the tractor will go to SWIRCA & More.
BEQUEST LANGUAGE
Please speak to your attorney when making a bequest. We strongly recommend that all applicable legal documents be prepared by a qualified attorney who specializes or is board certified in the area of estate planning. However, we are happy to provide some basic sample bequest language to assist you and your attorney.
SPECIFIC BEQUEST
If you are considering making an outright bequest to SWIRCA & More, we recommend the following language:
Bequest of a Specific Dollar Amount
I hereby give and bequeath ________________ and No/100 dollars ($DOLLARS) to SWIRCA & More, a nonprofit
organization located at 16 W. Virginia Street, Evansville, IN, 47710, for SWIRCA & More's general use and purpose.
Bequest of Specific Personal Property:
I hereby give and bequeath DESCRIPTION OF PROPERTY to SWIRCA & More, a nonprofit organization located at 16 W.
Virginia Street, Evansville, IN, 47710, for SWIRCA & More's general use and purpose.
Bequest of Specific Real Estate
I hereby give and bequeath all of the right, title, and interest in and to the real estate located at ADDRESS OR
DESCRIPTION OF PROPERTY to SWIRCA & More, a nonprofit organization located at 16 W. Virginia Street, Evansville,
IN, 47710, for SWIRCA & More's general use and purpose.
RESIDUAL BEQUEST
I hereby give and bequeath to SWIRCA & More, a nonprofit organization located at 16 W. Virginia Street, Evansville, IN, 47710, ALL OR A PERCENTAGE of the rest, residue, and remainder of my estate to be used for SWIRCA & More's general use and purpose.
CONTINGENT BEQUEST
If (primary beneficiary) does not survive me, then I hereby give and bequeath to SWIRCA & More, a nonprofit organization located at 16 W. Virginia Street, Evansville, IN, 47710, DESCRIPTION OF PROPERTY to be used for SWIRCA & More's general use and purpose.
