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Bequests

 

Specific Bequest
A specific bequest involves making a gift of a specific asset such as real estate, a car, other property or a gift for a specific dollar amount. For example, you may wish to leave your home or $10,000 to Children’s Cancer Association.

I hereby give $______ (or describe the details of real or personal property) to the Children’s Cancer Association, a nonprofit organization headquartered in Portland, OR, Federal Tax ID #93-1181662, for Children’s Cancer Association’s general use and purpose.

 

Percentage Bequest
Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to Children’s Cancer Association.

I hereby give ____ percent (%) of my total estate, determined as of the date of my death, to Children’s Cancer Association, a nonprofit organization headquartered in Portland, OR, Federal Tax ID #93-1181662, for Children’s Cancer Association’s general use and purpose.

 

Residual Bequest
A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity. For example, you may wish to leave 30% of the residue of your estate to Children’s Cancer Association.

I hereby give to Children’s Cancer Association, , a nonprofit organization headquartered in Portland, OR, Federal Tax ID #93-1181662, Federal Tax ID #93-1181662, [ALL or A PERCENTAGE] of the rest, residue and remainder of my estate to be used for Children’s Cancer Association’s general use and purpose.

 

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 vacation home, to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the vacation home will go to Children’s Cancer Association.

If (primary beneficiary) does not survive me, then I hereby give the Children’s Cancer Association, a nonprofit organization headquartered in Portland, OR, Federal Tax ID #93-1181662, $____ (or describe the real or personal property) for Children’s Cancer Association’s general use and purpose.

 

Restricted Bequest
If you are considering a bequest but would like to ensure that your bequest will be used for a specific purpose, please let us know. We would be happy to work with you and your attorney to help you identify ways to give and meet your charitable objectives. We will also work with you and your attorney to craft language to accomplish your goals.

 

Contact us to schedule a conversation about giving a bequest with our planned giving expert.