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What
is a bequest?
 A
bequest is a gift by will of personal or real property -- a legacy.
A will is a legal document by which a person makes a disposition
of his or her property to take effect after his or her death, and which
by its own nature is ambulatory and revocable during his lifetime. You
may name The Home of the Innocents, Inc. in your will to receive a charitable
bequest.
How
Will the Home of the Innocents Use My Bequest?
You
can make an unrestricted gift, or you can restrict the use of your gift
to a purpose that you designate.
An
unrestricted charitable bequest provides funds that the charity
uses for its general purposes. This type of bequest can be of greatest
use to a charity because it allows the charity to determine the areas
of greatest need.
Each
example could also be restricted to specific uses that the donor designates.
A restricted charitable bequest permits the charity to use the
gift only in a specified manner, for example, for a certain program. The
gift may be added to the endowment with income only to be used for the
specific purpose. Or, the entire gift may be designated for a specific
purpose. It is wise to have any such restriction as broadly defined as
possible, which insures that the ability to use the gift as designated
will not be frustrated because of changing circumstances. It is best to
work with the charity prior to making a bequest limited to a specific
use, so that there is assurance that the charity will be able to comply
with the restriction.
If
you choose to make a restricted bequest, you may restrict the gift to
using income only; or you may restrict the entire gift to be used for
a specific purpose only.
| Restricted
Bequest (Income only to be used): |
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Restricted
Bequest (Income only to be used) for General Purposes Suggested Language:
"I give _____ ($____ OR ____% of my estate) to The Home of the
Innocents, Inc. Endowment Fund, with income only to be used for the
general purposes of said organization". |
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| Restricted
Bequest (Income only to be used) for specific purpose Suggested Language:
"I give _____ ($____ OR ____% of my estate) to The Home of the
Innocents, Inc. Endowment Fund, with income only to be used for (designate
specific department or program). If, at any time, in the judgment
of The Home of the Innocents’ Board, it is deemed impossible
or impractical to carry out the above purpose, the Board shall determine
a purpose as near as possible to that described above". |
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Restricted
Bequest (Entire Gift Used for Specific Purpose) Suggested Language:
"I give ___ ($___ or ___% of my estate) to The Home of the Innocents,
Inc. for the _________ (designate department or program). If, at any
time, in the judgment of The Home of the Innocents’ Board, it
is deemed impossible or impractical to carry out the above purpose,
the Board shall determine a purpose as near as possible to that described
above". |
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| (This
information is offered for illustration purposes only. The Home of
the Innocents does not provide legal, tax or other financial planning
advice. For specific questions about your assets and estate planning,
please contact a professional advisor). |
Are
There Different Kinds of Bequests?
There are a number of different ways to make a bequest. These are a few
of the more common methods. Each of these examples is shown as being unrestricted.
Each type of bequest could also be restricted to a specific purpose, if
you so choose.
| Residual: |
A
residual bequest is a gift of everything that remains in the estate
after payment of all taxes, expenses, debts, and other bequests. |
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Suggested
language: "I bequeath and devise all of the rest, residue
and remainder of my estate to The Home of the Innocents, Inc., 1100
East Market Street, Louisville, KY 40206, for the uses and purposes
of said organization." |
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| Percentage: |
A
percentage bequest is a bequest where you give a percentage
of your estate to the beneficiary. |
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Suggested
Language: "I give ___% of my estate to The Home of the Innocents,
Inc., 1100 East Market Street, Louisville, KY 40206, for the uses
and purposes of said organization." |
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| Specific: |
A
specific bequest is a bequest where the beneficiary leaves
a specific asset or collection of assets (such as all the cash, or
all the securities, or other designated property). |
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Suggested
Language: "I bequeath and devise to The Home of the Innocents,
Inc.,1100 East Market Street, Louisville, KY 40206, the sum of $__________
for the uses and purposes of said organization." |
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| Contingent: |
A
contingent bequest is where you give all or a portion of your
estate to charity in the event that a named beneficiary does not survive
you. |
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Suggested
Language: "In the event that (name of beneficiary) predeceases
me, I give their share of my estate to The Home of the Innocents,
Inc., 1100 East Market Street, Louisville, KY 40206 for the uses and
purposes of said organization." |
Thank
you for thinking of the Home of the Innocents!
PLEASE
BE AWARE . . .
The
Home of the Innocents, Inc. does not render legal, tax or other professional
advice. You should always seek advice from an attorney and other professional
advisors when considering making a charitable gift. You
may contact our Manager of Planned Giving, for more information at 502.596.1025,
or via email at mshumway@homeoftheinnocents.org
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