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Bequests are specific instructions that you leave in your will relating to the distribution of your property upon your death. They tend to be the easiest of all planned gifts to complete. Generally speaking, there are significant financial advantages associated with charitable bequests in that they do not deplete your current assets, and they reduce the overall amount of your taxable estate.
A will is a legal document which among other things allows you to specify which property is to be distributed and to whom, when such distributions are to be made, and who is to carry out your wishes. Wills also allow you to select a guardian for your minor children. Click here to learn why everyone needs to have a will.
Bequests are gifts that are included as part of your will, and they can take many forms. Gifts of cash, real estate, personal property, stocks, and bonds are commonly transferred through bequests. It is important to remember to consult with your advisors prior to making any type of bequest.
If you are considering including a charitable bequest in your will, you should familiarize yourself with the different types of bequests that are most commonly used:
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