A charitable bequest is the simplest and most common form of providing an ultimate gift for a charitable cause. A bequest is a provision in one's last will and testament where a gift or property is transferred from an estate to a charitable organization, such as Goodwill. Making a bequest can be as simple as inserting a few sentences into a new will, or can be added as a simple amendment (called a 'codicil') to an existing will.
Bequests can be structured in many ways. For example, you can make a gift of a specific item or amount of money or bequeath a percentage or the remainder of your estate after all other debts, taxes and bequests have been fulfilled, such as:
I hereby give, devise and bequeath to Goodwill of Greater Washington, the sum of $_________ or the property described as _________.
I hereby give, devise and bequeath to Goodwill of Greater Washington, the rest, remainder and residue of my estate, or _____% of the rest, remainder and residue of my estate.
You can also make a gift contingent upon certain events, such as:
I hereby give, devise and bequeath $25,000 to my grandson, if he is living; otherwise to Goodwill of Greater Washington.
Other Giving Options include life income gifts, which provide income to the donor during their lifetime, such as Trusts, Gift Annuities and Pooled Income Funds. At this time, Goodwill of Greater Washington is honored to be named as a remainder beneficiary for any trusts, etc., but the agency does not wish to act as a trustee, nor is it licensed to issue annuities. See below for brief descriptions of these types of life income gifts and please consult your tax advisor for further information.
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