There are a number of ways to combine charitable gifts (also known as bequests) with the development of your will. Gifts can take the following forms:
- A specific amount: You designate that a particular dollar amount be transferred to one or more charities.
- Specific property: you can designate that a particular asset, such as real estate, artwork, or other valuables, be used to fund a charitable gift. Such a bequest should be worded carefully, as the assets you own may change over time.
- A percentage: A percentage of your estate can be designated for charitable purposes, thus ensuring that your gifts remain in proportion to other bequests.
- All of a portion of the residue: You can provide that charitable gifts be made from what is left after all other gifts to loved ones have been fulfilled.
Additionally, you may include provisions for charities through beneficiary designations of life insurance proceeds or retirement plan assets that may remain at death.
If you would like to create a charitable bequest in your will, please contact SVCC for more information and the specific legal language that should be used.