Recommended
Bequest
Language
Types of Bequests
Percentage Bequest. Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to the Garden.
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. 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 the Garden.
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 the Garden.
The Benefits of Bequests
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 estate taxes. If you have a taxable estate, the estate tax charitable deduction may offset or eliminate estate taxes, resulting in a larger inheritance for your heirs.
Recommended Bequest Language
Specific Bequest
Bequest of a Specific Dollar Amount
I hereby give, devise and bequeath _________ and No/100 dollars ($DOLLARS) to Santa Barbara Botanic Garden, a nonprofit organization located at 1212 Mission Canyon Road, Santa Barbara, CA, 93105, Federal Tax ID #____________, for Santa Barbara Botanic Garden's general use and purpose.
Bequest of Specific Personal Property
I hereby give, devise and bequeath DESCRIPTION OF PROPERTY to Santa Barbara Botanic Garden, a nonprofit organization located at 1212 Mission Canyon Road, Santa Barbara, CA, 93105, Federal Tax ID #_______________, for Santa Barbara Botanic Garden'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 Santa Barbara Botanic Garden, a nonprofit organization located at 1212 Mission Canyon Road, Santa Barbara, CA, 93105, Federal Tax ID #_______________, for Santa Barbara Botanic Garden's general use and purpose.
Percentage Bequest
I hereby give, devise and bequeath ____ percent (___%) of my total estate, determined as of the date of my death, to Santa Barbara Botanic Garden, a nonprofit organization located at 1212 Mission Canyon Road, Santa Barbara, CA, 93105, Federal Tax ID #______________________, for Santa Barbara Botanic Garden's general use and purpose.
Residual Bequest
I hereby give, devise and bequeath to Santa Barbara Botanic Garden, a nonprofit organization located at 1212 Mission Canyon Road, Santa Barbara, CA, 93105, Federal Tax ID # _________, ALL OR A PERCENTAGE of the rest, residue and remainder of my estate to be used for Santa Barbara Botanic Garden's general use and purpose.
Contingent Bequest
If (primary beneficiary) does not survive me, then I hereby give, devise and bequeath to Santa Barbara Botanic Garden, a nonprofit organization located at 1212 Mission Canyon Road, Santa Barbara, CA, 93105, Federal Tax ID # _________, DESCRIPTION OF PROPERTY to be used for Santa Barbara Botanic Garden's general use and purpose.
Restricted Bequests Language
If you are making a restricted bequest, we recommend that your attorney include the following provision to give the Garden flexibility should it no longer be possible for us to use your gift as you originally intended:
If, in the judgment of the Board of Directors of Santa Barbara Botanic Garden, it shall become impossible for Santa Barbara Botanic Garden to use this bequest to accomplish the specific purposes of this bequest, Santa Barbara Botanic Garden may use the income and principal of this gift for such purpose or purposes as the Board determines is most closely related to the restricted purpose of my bequest.
