Bequests are the most basic form of planned giving. A bequest is like a gift, except it is given when you pass away. It can be money, property or anything else you own. This transfer usually takes place through a Will or Trust.
There are four main ways someone makes a bequest in their will or trust. These are:
Specific Assets Bequest: This is when you give a specific asset to a beneficiary. An example would be if your Will or Trust said “I give my home to Amazing Discoveries.”
Specific Amounts Bequest: This is when you give a specific dollar amount to a beneficiary. An example would be if your Will or Trust said “I give $50,000 to Amazing Discoveries.”
Residue Percentage Bequest: This is when you leave a percentage of your remaining estate to a beneficiary. An example would be if your Will or Trust said “I give twenty-five percent (25%) of my estate to Amazing Discoveries.”
Contingent Bequests: This is when you make the bequest contingent on something else happening. An example would be if your Will or Trust said “I give fifty percent (50%) of my estate to my son, but if he does not survive me then to Amazing Discoveries.” In this case Amazing Discoveries’ bequest depends on the son’s survival.
Of the four types of bequests, a residue percentage is the most preferred. This is because a specific amount or specific asset bequest might not be valid. For example, let's say your Will leaves your home to your son. If you sell your home because you move into a care facility, and then pass away, your son would not receive your home because you do not have one. In that case it would have been better to give your son a residue percentage of your estate.
Leaving a bequest to Amazing Discoveries in your Will or Trust gives you certain benefits. First and foremost, you benefit from furthering God’s Kingdom so that more souls can be reached with this present truth. Second, your estate will receive a tax deduction from estate taxes for the amount given to Amazing Discoveries. Last, you still continue to use and control all of your assets until you pass away.
If you are interested in leaving a Bequest to Amazing Discoveries, or if you would like to learn more about Bequests, please click here to contact us now.