A charitable bequest is a distribution from your estate to The Julian Center through your last will and testament. You can designate a fixed percentage of your estate, a fixed amount, or a residual amount.
A charitable bequest can reduce capital gains taxes, protect your estate from excessive taxes, and leave a legacy to The Julian Center.
To insure your wishes are successfully carried out, you must use specific language in your will to specify the precise direction of your assets. Here are the common types of bequests and samples of the language used for each. We encourage you to carefully review the terms of your will with a professional knowledgeable in handling trusts and estates.
General bequests are gifts that come from the general value of your estate and are made by designating a specific dollar amount, a particular asset, or a fixed percentage or your estate.
“I give, devise, and bequeath to The Julian Center, the sum of $[Amount] (or a description of the specific asset), for the benefit of The Julian Center and its general purposes.”
Specific bequests are gifts of a particular item or property bequeathed for a designated purpose.
“I give, devise, and bequeath to The Julian Center, the sum of $[Amount] (or a description of the specific asset), for the benefit of The Julian Center to be used for the following purpose: [state the purpose]. If at any time in the judgment of the officers of The Julian Center it is impossible or impracticable to carry out exactly the designated purpose, they shall determine an alternative purpose closest to the designated purpose.”
Residual bequests are gifts made when you intent to leave the residue portion of your assets after other terms of your will have been satisfied.
“All the rest, residue, and remainder of my estate, both real and personal, I give to The Julian Center, for its general purposes.”
Contingency bequests allow you to leave a portion of your estate to The Julian Center if your named beneficiary does not survive you.
“I devise and bequeath the residue of the property, real and personal and wherever situated, owned by me at my death, to (name of beneficiary), if (she/he) survives me. If (name of beneficiary) does not survive me, I devise and bequeath my residuary estate to The Julian Center, for its general purposes.”
If every adult in America made a will and included a bequest of just $100, billions of dollars would flow to charitable causes like ours every year.
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