What is a bequest?
A bequest is a gift that is made in a will or trust which directs funds to the charity of your choice upon your passing. It is one of the most popular ways to make a gift that will live on after you. A gift made by a bequest can be a specific dollar amount or percentage.
Why give through a bequest?
It does not affect asset or cash flow during one’s lifetime because it is payable upon the donor’s passing. It is revocable meaning that it can be changed at any time. It is private because wills and trusts are not filed or made public until passing.
How do I make a bequest gift?
Provide this sample language to your estate planning attorney to add your gift to your newly created will or to update your existing will through a document called a codicil.
Sample language: “I hereby give to Lake Erie Nature & Science Center, a nonprofit 501c3 organization with a business address of 28728 Wolf Road, Bay Village, Ohio 44140, and a tax identification number of 34-0845030, the sum of $_________ [or otherwise describe the gift, assets or percentage] to be used for general purposes.”
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