Bequest – The future gift in the format of a bequest is assist the Big Horn Hospital Association Foundation is one of the easiest avenues for a donor to make a planned gift.
Specific Asset Bequests – Many bequests transfer a specific item to charity. Such as: “I give my vehicle to Big Horn Hospital Association Foundation.”
Specific Amount – Another common transfer through a donor will is the gift of a specific monetary amount. Such as: “I give $5,000 to Big Horn Hospital Association Foundation.”
Bequest Of A Percent Of The Residue – A fractional or percentage of what remains of an estate may be transferred to a charitable organization. “I give 45% of the residue of my
estate to Big Horn Hospital Association Foundation.”
Undivided Percentage of Asset Bequests – A donor may bequeath or devise an undivided percentage of a certain asset. “I give half of my home to Big Horn Hospital Association
Wills – This process will direct donor assets to the Individuals and Causes the donor is passionate about. The process of making a will is an important expression of your love, care, generosity and
appreciation to family and friends. It also provides an excellent avenue to support a charitable organization’s mission/vision.
Consequences Of Not Having A Will – If a person dies without a will, your estate will be divided according to the prevailing laws in the state where you reside. The transfer of donor assets may be very different from what your intentions may have been while you were alive. Possibly certain family members will receive part of your estate, but respected friends or charities that you had good intentions of remembering will not be included without a will.
Items To Consider In Your Will – You are the only one that is knowledgeable of special circumstances of your personal family members and heirs. This is the reason why it is important to discuss these factors with your personal attorney. Possible items to mention to your attorney may be how you want to distribute your estate, whom you want to manage or be the executor and what charities you wish to support with future donations. According to recent research approximately 60 percent of U.S. adults living in households with children have not created a will.
As an Example, you may want your will to:
- Name the Executor of your estate.
- Give your property to those you select..
- Set up or establish trusts to save on taxes and proved financial management.
- Name a guardian for minor children.
- Ensure lifetime care/treatment for a child with a disability.
- Give or delegate assets to children of a previous marriage.
- Set guidelines for asset distribution if you and your spouse die at the same time.
These are some possible items for discussion, your attorney may suggest or recommend other components, but at least be prepared to discuss these basic items so you will be prepared in advance to have a document drafted that addresses and accomplished your wishes.
A Way To Revoke Your Will – In your will, you will have a cause in one of the articles that states; “revocation of prior will and codicils.” Relationships and life situations change, and this article in your will ensures that you are free to alter your will with a codicil or to change your will entirely at any time.
Typical Components Of A Will –
- Your identification and state of residence
- Revocation of prior will and codicils
- Name of an executor
- Payment of taxes and administration of estate
- Payment of debts
- Specifics gifts
- Residuary Estate – The part of an estate left after debts, taxes and specific bequests have been paid
- Common disaster
It is always a prudent thought to keep an old or original will that has been revoked and replaced by a new will, and the date of the new will. This may be useful in situations when an individual wants to challenge the contents of the newer updated will.