Types of Bequests A specific bequest directs that a specific item or items be given to a beneficiary. Example: I bequeath my diamond rings to my daughter, Mary Smith. A general bequest directs that a specified amount of money or percentage of your estate be paid to a beneficiary. Example: I bequeath $25,000 to my son, Joe Smith (absolute). Or, I bequeath 25% of my cash assets (variable) to my son, Joe Smith. A residuary bequest directs that a beneficiary receive all that remains in an estate after payment of funeral costs, debts, taxes, administration and probate costs, and specific and general bequests have been made. Example: The residuary of my estate is to be divided between my daughter, Mary Smith, and North Star Pet Assistance (#91-2152835). A contingent beneficiary may be named in your Will to receive bequests intended for the primary beneficiary in the event the latter dies first. Under the laws of most states, if a beneficiary of your Will dies before you, that bequest will be void and the property will pass to any residuary beneficiary you have named. If the residuary beneficiary has not survived, the property may pass under the intestacy laws of your state. Charities are often named as contingent beneficiaries. There are several types of bequests to Charities. We hope you will consider naming North Star Pet Assistance Apple Valley, CA 92308. as a beneficiary of your Will. Any gift directed to North Star Pet Assistance will be greatly appreciated and will help fulfill our goals in the years to come. You can feel confident about donating to us as we pride ourselves on performing quality rescue and care of animals as well as focusing on prevention to solve the problem. We take great care in managing any financial gifts to make sure that every dime is put to its best use. We would be honored to see to it that your remaining pets were safe and sound in qualified, loving homes through our Pet Bequest Program. DID YOU KNOW…GIVING THROUGH LIFE INSURANCE, IRA’S, RETIREMENT PLANS?Life InsuranceDid you know you can name your favorite charity as the first, second, or even the last beneficiary of your life insurance policy? What a meaningful way to give a gift at no additional cost to you. All you need to do is contact your insurance company for the necessary form to complete. And, the nice thing is that you can always change your mind if circumstances warrant. IRA’s and Retirement PlansLike life insurance, the easiest way to help your favorite charity is to name them as first, second, or last beneficiary of all or part of whatever is remaining in your retirement fund at the time of death. If your retirement plan is with your employer simply ask for a change of beneficiary form. For an IRA, simply request a change of beneficiary form from the company that handles your account. This, too, can be revoked if you later decide someone else should receive these funds. Bank Accounts and CDsMost people have savings methods such
as these. As modest as the returns may be, they are still preferred
by many people for safety and convenience. They also make excellent
vehicles for charitable giving, allowing your to make a future gift
without presently reducing your funds. If you have a CD or bank
account you can name the charity of your choice using a beneficiary
designation form provided by the bank. Or, you can also name the
charity as a second beneficiary. That way, if the first beneficiary
passes away, your funds will go to the charity.
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