Content Basics

Types of Bequests

Leaving a bequest

If you’ve put together an estate plan with the help of an attorney, chances are, you’re familiar with the term “bequest.” A bequest is an instruction for assets or money to transfer to a person or charity following your death.

You can leave a bequest to [ABC charity] through a will, trust, or beneficiary designation.

Will or trust

You can include a bequest to [ABC charity]’s endowment in your will or revocable living trust (which is a vehicle you establish to avoid probate). You can leave a specific dollar amount, or a portion of the “remainder” of your estate or trust after distributions to family and other beneficiaries. You can update your will or trust anytime prior to your death. 

For example, your attorney will add language along the lines of one of the following: 

“I give to [ABC charity] the rest and residue of my estate for its unrestricted use.

“I give to [ABC charity]____% of my estate for its unrestricted use. The address of [ABC charity] is [ ].”

“I give to [ABC charity] the sum of $____ for its unrestricted use. The address of [ABC charity] is [ ].”

Beneficiary designation

You can leave a bequest through a beneficiary designation on your IRA or other retirement plan, or even on a life insurance policy. Beneficiary designations can be updated throughout your lifetime as your family and financial situation changes. 

Similar to bequest language, you’ll indicate something like the following on your beneficiary designation:

“[ABC charity] for its unrestricted use. The name of that endowment fund is [XXX]. The address of [ABC charity] is [ ].”