Seattle Foundation's Bequest Language
An excellent way for you to support Seattle Foundation's mission is to leave us a bequest in your will, living trust or with a codicil. One significant benefit of making a gift by bequest is that it allows you to continue to use the property you will leave to charity during your life. Another benefit is that you are able to leave a lasting legacy.
There are a number of ways you can make a bequest to Seattle Foundation.
In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to Seattle Foundation in your estate plan. We have provided some basic bequest language to assist you and your attorney.
1. Specific Bequest
If you are considering making an outright bequest to Seattle Foundation, we recommend the following language:
Please contact us if you have any questions about how to make a bequest to Seattle Foundation or to request any additional information that might be helpful to you and your attorney as you consider making a bequest to us.
If you have included a bequest for Seattle Foundation in your estate plan, please contact us to let us know. We would like to thank you and recognize you for your gift.
Types of Bequests
There are a number of ways you can make a bequest to Seattle Foundation.
Specific Bequest. A specific bequest involves making a gift of a specific dollar amount or of a certain asset such as real estate, a car, or other property. For example, you may wish to leave your home or $10,000 to Seattle Foundation.
Residual Bequest. A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests and paid debts and expenses. A common residual bequest involves leaving a percentage of the residue of the estate to charity. For example, you may wish to leave 30% of the residue of your estate to Seattle Foundation.
Contingent Bequest. A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you could leave specific property, such as a vacation home, to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the vacation home will go to Seattle Foundation.
Residual Bequest. A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests and paid debts and expenses. A common residual bequest involves leaving a percentage of the residue of the estate to charity. For example, you may wish to leave 30% of the residue of your estate to Seattle Foundation.
Contingent Bequest. A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you could leave specific property, such as a vacation home, to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the vacation home will go to Seattle Foundation.
Bequest Benefits
A bequest is generally a revocable gift, which means it can be changed or modified at any time.
You can choose to designate that a bequest be used for a general or specific purpose so you have the peace of mind knowing that your gift will be used as intended.
Bequests are exempt from federal and state taxes. If you have a taxable estate, the estate tax charitable deduction may offset or eliminate estate taxes.
Bequest Language
In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to Seattle Foundation in your estate plan. We have provided some basic bequest language to assist you and your attorney.
1. Specific Bequest
If you are considering making an outright bequest to Seattle Foundation, we recommend the following language:
Bequest of a Specific Dollar Amount
I hereby give, devise and bequeath _________ and No/100 dollars ($DOLLARS) to Seattle Foundation, a nonprofit organization located at 1601 Fifth Avenue #1900, Seattle, WA, 98101, Federal Tax ID #____________, for Seattle Foundation's general use and purpose.
Bequest of Specific Personal Property
I hereby give, devise and bequeath DESCRIPTION OF PROPERTY to Seattle Foundation, a nonprofit organization located at 1601 Fifth Avenue #1900, Seattle, WA, 98101, Federal Tax ID #_______________, for Seattle Foundation's general use and purpose.
Bequest of Specific Real Estate
I hereby give, devise and bequeath all of the right, title and interest in and to the real estate located at ADDRESS OR DESCRIPTION OF PROPERTY to Seattle Foundation, a nonprofit organization located at 1601 Fifth Avenue #1900, Seattle, WA, 98101, Federal Tax ID #_______________, for Seattle Foundation's general use and purpose.
2. Residual BequestI hereby give, devise and bequeath _________ and No/100 dollars ($DOLLARS) to Seattle Foundation, a nonprofit organization located at 1601 Fifth Avenue #1900, Seattle, WA, 98101, Federal Tax ID #____________, for Seattle Foundation's general use and purpose.
Bequest of Specific Personal Property
I hereby give, devise and bequeath DESCRIPTION OF PROPERTY to Seattle Foundation, a nonprofit organization located at 1601 Fifth Avenue #1900, Seattle, WA, 98101, Federal Tax ID #_______________, for Seattle Foundation's general use and purpose.
Bequest of Specific Real Estate
I hereby give, devise and bequeath all of the right, title and interest in and to the real estate located at ADDRESS OR DESCRIPTION OF PROPERTY to Seattle Foundation, a nonprofit organization located at 1601 Fifth Avenue #1900, Seattle, WA, 98101, Federal Tax ID #_______________, for Seattle Foundation's general use and purpose.
I hereby give, devise and bequeath to Seattle Foundation, a nonprofit organization located at 1601 Fifth Avenue #1900, Seattle, WA, 98101, Federal Tax ID # _________, ALL OR A PERCENTAGE of the rest, residue and remainder of my estate to be used for Seattle Foundation's general use and purpose.
3. Contingent Bequest
If (primary beneficiary) does not survive me, then I hereby give, devise and bequeath to Seattle Foundation, a nonprofit organization located at 1601 Fifth Avenue #1900, Seattle, WA, 98101, Federal Tax ID # _________, DESCRIPTION OF PROPERTY to be used for Seattle Foundation's general use and purpose.
Contact Us
Please contact us if you have any questions about how to make a bequest to Seattle Foundation or to request any additional information that might be helpful to you and your attorney as you consider making a bequest to us.
If you have included a bequest for Seattle Foundation in your estate plan, please contact us to let us know. We would like to thank you and recognize you for your gift.