A charitable bequest is a distribution from your estate to Glendale Memorial Health Foundation or other charitable organization through your last will and testament.
At Glendale Memorial, bequests of $5,000 or more are permanently and prominently recognized through Donor Recognition Opportunities.
There are different kinds of bequests: exact sums; a percentage of the estate; the residual amount after specific amounts, or items, have been given; and bequests contingent upon circumstances. For each, you must use very specific language to indicate the precise direction of your assets, and to successfully carry out your final wishes.
In any charitable bequest, be sure to name the recipient accurately and precisely, such as: Glendale Memorial Health Foundation, a not-for profit organization (federal tax identification number 95-3625651) located at 1420 S. Central Avenue, Glendale, California 91204.
Do you have an estate?
Your “estate” is the sum of your assets, including property you own, insurance policies, retirement accounts, cash on hand, etc. Some people may have very large estates, but almost everyone has the resources to make a charitable bequest. If every adult in America made a will and included a bequest of just $100, billions of dollars would flow to charitable causes every year.
Below, are listed some of the more common kinds of bequests, and some bequest language.
It is always recommend that you carefully review the terms of your will with a professional trained in handling trusts and estates.
General Bequests are legacies from the general value of the estate, and are made by designating a specific dollar amount, a particular asset or a percentage of your estate to the cause of your choice. Bequests may be residual – after specific gifts have been made; or contingent - if a named beneficiary does not survive you.
General bequest language (specific amount, or percentage):
"I give, devise, and bequeath to Glendale Memorial Health Foundation, a not-for profit organization (federal tax identification number 95-3625651), located at 1420 S. Central Avenue, Glendale, California 91204, the sum of $________, [ or ____ percent of my adjusted gross estate as finally determined for federal estate tax purposes} for the benefit of Glendale Memorial Hospital and Health Center for its general purposes."
Residuary bequest language:
"All the rest, residue, and remainder of my estate, both real and personal, I give to Glendale Memorial Health Foundation, a not-for profit organization (federal tax identification number 95-3625651) located at 1420 S. Central Avenue, Glendale, California 91204, for its general purposes."
Contingency bequest language:
"I devise and bequeath the residue of the property, real and personal and wherever situated, owned by me at my death, to (name of beneficiary), if (she/he) survives me. If (name of beneficiary) does not survive me, I devise and bequeath my residuary estate to Glendale Memorial Health Foundation, a not-for profit organization (federal tax identification number 95-3625651) located at 1420 S. Central Avenue, Glendale, California 91204, for its general purposes."
Without a will, there is no mechanism in place to make a bequest, so here are the steps you should take to make sure your wishes are granted.
• Make a list of organizations or causes that you would like to support.
• Make a detailed list of your assets (financial, real estate, vehicles, jewelry, collectibles, musical instruments, etc.)
• Set up an appointment with your financial analyst or attorney, or planned giving officer at the organization you intend to support. These professionals will help sensitively guide you through the process.
