A charitable bequest is simply a gift you make to a charity through a provision in your will or in a trust with provisions that can be altered or canceled. Your bequest can take any of several forms:
• a fixed sum of money
• one or more particular assets, such as shares of stock
• some or all of what remains of your estate after making other bequests and paying debts and expenses
• a gift that is made only under certain circumstances (a “contingent” gift)
Click here for sample bequest language you can review and share with your lawyer.
Why make a bequest?
• Simplicity – A bequest is easy to arrange and often involves just a sentence or two.
• Flexibility – As your financial picture changes, a bequest can be altered, so long as applicable legal requirements are met.
• Tax savings – If your estate may be subject to federal or state estate taxes, you’ll be pleased to know a charitable bequest is completely deductible.
See an example of a charitable bequest.
If you have a question or wish to get in touch with someone at Overlake regarding a possible planned gift, please contact Stephanie Stewart, Director of Planned Giving, by email or at 425-688-5452.
The information on this website does not constitute legal, financial, tax, or estate planning advice and should not be relied upon as a substitute for such advice. Overlake encourages you to seek the counsel of your own professional advisors and values their involvement as you determine how you would like to proceed.