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A charitable bequest is simply a distribution from your estate to a charitable organization through your last will and testament. There are different kinds of bequests. For each, you must use very specific language to indicate the precise direction of your assets, and to successfully carry out your final wishes. In any charitable bequest, be sure to name the recipient accurately.
General Bequests are legacies left to certain people or causes that come from the general value of the estate, and are made by designating a specific dollar amount, a particular asset or a fixed percentage of your estate to the cause of your choice.
Specific Bequests are made when a particular item or property is bequeathed for a designated purpose. (i.e., instruments bequeathed to the local school district for use in music education; dollar funds to be used in the operation of a school or church.)
Contingency Bequests allow you to leave a portion of your estate to a particular charity if your named beneficiary does not survive you.
Residuary Bequests are made when you intend to leave the residue portion of your assets after other terms of the will have been satisfied.
The information provided herein is for informational purposes only, and is not intended to be legal or tax advice. Meals on Wheels South Florida recommends that you consult with a qualified estate planning attorney when drafting your will or other estate planning documents.
For more information, please contact our Finance Department at 954.731.8770.