“What we have done for ourselves alone dies with us;
what we have done for others and the world remains and is immortal.”
― Albert Pike, Attorney & Author
A charitable bequest is a gift distribution from your estate to a charitable organization through your last will and testament. 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. A bequest to The Cancer Society might go to national headquarters, when you meant it to go to the affiliate in your community. When you remember the Community Foundation of Morgan County in your will, you can guarantee that you will be making a difference in your local community for years to come.
Ways to Designate a Charitable Gift in Your Will
||Language to be Used
|A specific dollar amount
||I leave [legal name of charity] $1,000.
|A specific class of property
||I leave [legal name of charity] all of my common stocks.
|A specific asset
||I leave [legal name of charity] my home.
|A percentage of the total estate
||I give [legal name of charity] property equal to 10-percent of my gross estate.
|A percentage of the residue
||After distribution of the specific items (to other beneficiaries), I leave [legal name of charity 1], [legal name of charity 2], and [legal name of charity 3] equal amounts of the residue of my estate.
|All of the remainder
||I give [legal name of charity] all of the property remaining after paying debts, expenses, and all specific bequests.
|A contingent bequest
||In the event that my wife does not survive me, I give the property set aside for my wife to [legal name of charity].
|A formula distribution
||I leave [legal name of charity] an amount equal to 10 times the size of my average annual gift made to [legal name of charity] over the last three years of my life.
For more information or help in formatting your will, please contact your legal advisor and/or the CFMC at (765) 813-0003.