Bequest
A bequest is a gift you can make to support WMed's mission in your will or living trust or with a codicil.
A bequest allows you to continue to use the property you will leave to us during your life and make a lasting impact on our work after you are gone.
Benefits of a bequest
- Receive an estate tax charitable deduction
- Reduce the burden of taxes on your family
- Leave a lasting legacy to our organization
Charitable bequest video
How a bequest works
A bequest is one of the easiest gifts to make. With the help of an attorney, you can include language in your will or trust specifying a gift to be made to family, friends or WMed as part of your estate plan, or you can make a bequest using a beneficiary designation form.
Here are some of the ways to leave a bequest to WMed
- Include a bequest to WMed in your will or revocable trust
- Designate WMed as a full, partial or contingent beneficiary of your retirement account (IRA, 401(k), 403(b) or pension)
- Name WMed as a beneficiary of your life insurance policy
A bequest may be made in several ways
- Specific Bequest - A specific bequest involves making a gift of a specific asset such as real estate, a car, other property or a gift for a specific dollar amount. For example, you may wish to leave your home or $10,000 to WMed.
- Percentage Bequest - Another kind of bequest involves leaving a specific percentage of your overall estate to our organization. For example, you may wish to leave 10% of your estate to WMed.
- 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 our organization. For example, you may wish to leave 30% of the residue of your estate to WMed.
Review sample bequest language
Contact Us
If you have any questions about leaving a bequest to us, please contact us. We would be happy to assist you. If you have been so generous as to include a bequest to WMed as part of your estate plan, please take the time to let us know. We would like to recognize you and your family for your generosity.
Additional Information
The method used to make a bequest will depend on the kind of gift you choose to leave to WMed.
Bequests of real estate, personal property, business interests and cash are typically made by way of a will, revocable trust or even a simple codicil to your current estate plan. Your estate-planning attorney can assist you in preparing the necessary papers for you to complete the bequest.
Other bequests, such as those involving retirement assets, insurance policies, bank accounts and stocks and bonds, are typically made by completing the appropriate beneficiary designation form. Simply contact your retirement plan administrator, life insurance company, bank or investment broker and ask them to send you the appropriate "beneficiary designation" or "payable on death" form. To complete your bequest, you will need to complete and sign the form and then send it back to the person who originally sent the form to you.
The last step in leaving any bequest involves the transfer to charity. When you pass away, the bequest property will be transferred to WMed. The full value of this gift will be transferred tax-free and your estate will receive an estate tax charitable deduction.
