Some donors prefer to give a significant charitable gift upon their deaths—after their loved ones have been cared for. One way to fund a future gift to the foundation is through a bequest in your will.
A gift in your will is a statement to others about your belief in our mission and desire to give back to the community. Bequests are deductible for federal estate tax purposes.
If you have a will, adding an amendment (codicil) to it can ensure that the foundation is included.
Here’s the appropriate language to give your attorney to ensure your desires are fulfilled:
“I give, devise and bequeath ____% (percentage), OR all the rest, residue, and remainder, OR $_____ (sum of money), of my estate to the Main Street Community Foundation, located in Bristol, Connecticut, USA."
If you do not have a will, or it’s out of date, consider taking the time and steps to create or amend it. This ensures that the people and causes you care about are remembered when you are gone. It also avoids the time and trouble your heirs will experience when probating your estate.
Types of BequestsPercentage
This equals a fixed percentage of the value of your estate at the time of your death. The percentage remains fixed, what the foundation receives will be based on the value of all your assets upon your death.Residuary
This directs that the foundation receives all or a portion of the balance of your estate after all necessary costs and monetary bequests have been met. A residuary bequest is a gift of whatever remains in your probate estate. It can combine real, personal and mixed assets. If you have more than one residuary beneficiary, the residuary total must equal 100 percent, such as, “I give and bequeath one half of my estate to the Main Street Community Foundation, and one half to (named beneficiary)”.Monetary
Your beneficiaries receive a fixed dollar amount that will not fluctuate if your estate increases in value after you have signed your will. A pecuniary bequest will not be reduced, assuming your executor has sufficient other assets to pay other expenses, debts, and taxes.