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Bequests

One of the best-known and most frequent methods of making a gift to Boys & Girls Aid is through your will. Your will, drafted properly and kept current, may be the most important legal document you will ever possess. Through your will you make certain that relatives, friends, and favorite charities are remembered—exactly as you decide during your lifetime.

Your bequest can be your final statement about what you believe to be important and worthwhile.

Facts to Get You Started

• Bequest: A direction in a Will to pay or distribute personal property
• A bequest can be made to heirs and/or charity
• A bequest is also known as a legacy
• There are several types of bequests available for use in wills and living trusts
• A bequest is a revocable gift as you are able to amend or revoke your will anytime until your death
• The wording in your will can be as simple as:   “I hereby give ___% (or a specific amount, or a percent of the remainder) of my estate to Boys & Girls Aid.”

Types of Bequests

Contingent Bequest
A bequest made under certain circumstances, usually a specific event must take place. For example:
“I bequeath $50,000 to Boys & Girls Aid at the conclusion of construction of the homeless shelter in Washington County.”

Endowed Bequest
A bequest restricting your gift is held permanently in the general endowment, using only the investment income generated for annual dispersal. For example:
“I give $100,000 to Boys & Girls Aid to be added to the endowment.”

General Bequest
A bequest made for a specific amount of money. For example “I give $10,000 to Boys & Girls Aid.”

Memorial or Honorary Bequest
A bequest made in memory or honor of a loved one. For example “I give $20,000 to Boys & Girls Aid in memory of my parents Joe and Betty Smith for the support of birthmothers at Boys & Girls Aid.”

Residuary Bequest
A bequest designating that the remainder of the estate, after debts and taxes have been paid, be given to an individual or charity.

Restricted Bequest
A bequest designating a specific area at Boys & Girls Aid the contribution is to be used for.

Unrestricted Bequest
A bequest intended to be used for general purposes as directed by the Board of Directors at Boys & Girls Aid. This type of bequest is the most common and allows the agency to determine the best way to use the contribution.

Tips for Bequests

• When including an organization in your will, it is important to inform the organization of your intentions, especially if the bequest is restricted. This is important for two reasons: to ensure your intent can be followed upon receipt of the gift; and to allow the organization to honor you during your lifetime by becoming a member of their legacy program. At Boys & Girls Aid we honor our known bequests through the Frank E. Beach Legacy Society.
• Keep your will up to date as it is one of the most important documents you can possess, especially for your heirs.
• A will must be in writing and type written (oral and handwritten wills are acceptable in some states, but for special circumstances).
• All pages of the will should be numbered and stapled together to assure that nothing is misplaced or lost.
• You must sign your will. There must be a competent and disinterested witness when signing your will.
• Having your will notarized can also be important and required in some states.

Questions?

When you have questions or would like to discuss a planned gift to Boys & Girls Aid, contact the Development Department. Our staff is happy to work with you and/or your advisers to facilitate your planned gift. Whether you choose a simple charitable gift annuity, remainder trust or bequest, we are here to make the gift completion simple. Please be assured that all inquiries and responses will be strictly confidential.

For more information about planning a gift, contact .(JavaScript must be enabled to view this email address), Director of Development, by email or at 503.542.2304.