Learn About Gifts in Your Will (Bequests)
What is a bequest?
An excellent way for you to support Beverly Hospital's mission is to leave us a gift in your will, living trust or with a codicil.
This type of gift is also known as a bequest, which is a gift of personal property made at the time of death, directed by provisions made in your will. A bequest is generally a revocable gift, which means it can be changed or modified at any time during your life. You can designate that a bequest be used for a general or specific purpose so you have the peace of mind knowing that your gift will be used as intended. Bequests are generally exempt from federal estate taxes. If you have a taxable estate, the estate tax charitable deduction may offset or eliminate estate taxes, resulting in a larger inheritance for your heirs.
What are the benefits of making a bequest?
- You leave a lasting legacy to be remembered.
- You lessen the burden of taxes on your family.
- You may receive estate tax savings.
What are the different types of bequests?
- 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 a charity.
- A percentage bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10 percent of your estate to a charity.
- 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 percent of the residue of your estate to a charity.
- 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 charity.
How do I make a bequest?
A bequest is one of the easiest gifts to make. With the help of an advisor, you can include language in your will or trust specifying a gift be made to family, friends or Beverly Hospital as part of your estate plan.
VIEW BEQUEST LANGUAGE
What are my options?
A bequest can be made in several ways: