A charitable bequest is simply a distribution from your estate to a charitable organization through your last will and testament or trust. There are different kinds of bequests. For each, you must use very specific language to indicate the precise distribution of your assets and to successfully carry out your final wishes. In any charitable bequest, be sure to name the recipient accurately.
General Bequests
Legacies left to the Fayette County Community Foundation that come from the general value of the estate and are made by designating a specific dollar amount or a fixed percentage of your estate.
I give, devise and bequeath to the Fayette County Community Foundation, a non-profit 501(c)(3) corporation, headquartered in Oak Hill, WV, the rest, residue and remainder (or state all, a $ amount, or a percentage) of my estate, both real and personal, to be used for its general support.
Specific Bequests
When a particular item or property is bequeathed for a designated purpose, it is a specific bequest. For example, choosing a specific amount to a specific fund – $1000 to the Foundation’s Parks and Rec fund.
I give, devise and bequeath to the Fayette County Community Foundation, a non-profit 501(c)(3) corporation, headquartered in Oak Hill, WV, the rest, residue and remainder (or state all, a $ amount, or a percentage) to be used for its general support (or for the support of a specific school, unit, fund or program).
Residuary Bequests
This type of bequest is made when you intend to leave the residue portion of your assets after other terms of the will or trust have been satisfied.
I give, devise and bequeath to the Fayette County Community Foundation, a non-profit 501(c)(3) corporation, headquartered in Oak Hill, WV, the rest, residue and remainder (or state all, a $ amount, or a percentage) of my estate, both real and personal, to be used for its general support (or for the support of a specific school, unit, fund or program).
Contingency Bequests
These bequests allow you to leave a portion of your estate to the Fayette County Community Foundation if your named beneficiary does not survive you.
If (insert name) does not survive me, or shall die during the administration of my estate, or as a result of a common disaster, then I give, devise and bequeath to the Fayette County Community Foundation, a non-profit 501(c)(3) corporation, headquartered in Oak Hill, WV, the rest, residue and remainder (or state all, a $ amount, or a percentage) to be used for its general support (or for the support of a specific school, unit, fund or program).
Other Planned Gifts
Beneficiary designations in a life insurance policy, annuity, or charitable trust are also meaningful ways to make a planned gift to the Fayette County Community Foundation. These allow you to list the Foundation along with others that you would like to benefit from the proceeds of the policy or trust. You can name the Foundation as the sole beneficiary or as one of numerous beneficiaries. As well, you can name the Foundation for a percentage or for a specific dollar amount of the proceeds. Just ask the administrator of your policy or plan for a designation form if you wish to make this kind of gift.