The easiest and most common planned
gift is a simple bequest in your will. Bequests can be included in
a new will or added to an existing will through the use of a codicil.
The most popular forms are listed below with sample language
A specific bequest leaves a fixed amount:
“I
give, devise and bequeath to Holy Cross Ministries,
the sum of $____ to be used to carry out its mission and goals.”
A percentage bequest distributes the assets, whatever
their value, in the same proportions to each beneficiary:
“I
give, devise and bequeath to Holy Cross Ministries,
____% of my estate to be used to carry out its mission and goals.”
A residuary bequest refers to
whatever is left in the estate after all specific bequests have
been fulfilled. Even if you have designated a specific bequest
to Holy Cross Ministries, you can also leave all or part of the
residue of the estate:
“All
the residue of my estate, including real and personal property,
I give, devise and bequeath to Holy Cross Ministries
to be used to carry out its mission and goals.”
A contingent bequest is usually received only when
heirs pre-decease you or when another stated condition occurs:
“If
any of the above-names beneficiaries should pre-decease me, I hereby
bequeath his/her share of my estate to Holy Cross Ministries
to be used to carry out its mission and goals.”
Ask your attorney about these and other variations
in making bequests to charity.