Planned Giving Basics
There are many vehicles to make planned gifts, including charitable remainder trusts, charitable gift annuities and many others. Bequests are the most common and perhaps the simplest way to share your legacy with the Foundation. The following definitions will help you begin the discussion with your attorney or financial planner.
Unrestricted Bequest
This gift is for the ASRT Education and Research Foundation’s general purposes, to be used at the discretion of its Board of Trustees. A gift like this is frequently the most useful, allowing the Foundation to determine the wisest and most pressing need for the funds at the time of receipt.
Restricted Bequest
This type of gift allows you to specify how the funds will be used. Perhaps you have a special purpose or project in mind, such as contributing to an endowed scholarship fund. If so, it’s best to consult us when you draft your will to be certain your intent can be carried out.
Endowed Bequest
This bequest allows you to restrict the principal of your gift, requiring us to hold the funds permanently and use only the investment income they generate. Creating an endowment in this manner means that your gift can continue giving indefinitely.
General Bequest
This is usually a gift of a stated sum of money. It will not fail, even if there is not sufficient cash to meet the bequest. For example, “I give $50,000 to my daughter Mary.” If there is only $2,500 cash in the estate, other assets must be sold to meet the bequest.
Specific Bequest
This is a gift of a specific item to a specific beneficiary. If that specific property has been disposed of before death, the bequest fails and no claim can be made to any other property.
Contingent Bequest
This is a bequest made on condition that a certain event must occur before distribution to the beneficiary. A contingent bequest is specific in nature and fails if the condition is not met. A contingent bequest is also appropriate if you want to name a secondary beneficiary, in case the primary beneficiary doesn’t survive you.
Residuary Bequest
This gift of all the “rest, residue and remainder” of your estate after all other bequests, debts and taxes have been paid. You may prefer to divide your estate according to percentages of the residue, rather than specifying dollar amounts, to ensure that your beneficiaries receive the proportions you desire.
