An outright bequest is the simplest method of making a testamentary gift to Music & Memory. An outright bequest is a gift by will of a specific sum of money or of a specific piece of property (such as securities or real estate). The following language can be used in a will to make an outright bequest:
“I hereby bequeath to Music & Memory (EIN 27-2098431), 142 Emory Road, Mineola, NY 11501, the sum of $_____________ (and/or the following described property _____________).”
Some donors would like to make a bequest to Music & Memory but are not sure of the amount that will be available. Others want to make sure that specific bequests or estate expenses are paid first. In these cases, a residuary bequest is the best idea. A residuary bequest provides Music & Memory with a percentage or all of the remainder of a donor’s estate after specific bequests, debts, taxes, and estate expenses have been paid. A residuary bequest to Music & Memory is made in a will by incorporating the follow language:
“I hereby bequeath all (or _______ percent) of my residuary estate to Music & Memory (EIN 27-2098431), 142 Emory Road, Mineola, NY 11501.”
Many donors have family and friends for whom they feel responsible and choose to provide for them first in their wills. In this case, the donor can leave what is known as a contingent bequest to Music & Memory. The contingent bequest provides first for the family and friends and benefits Music & Memory only if the named beneficiaries predecease the person making the will.
“I bequeath to my sister, Jane Doe, the sum of $_____________ and, in the event she shall predecease me, I direct this sum be paid to Music & Memory (EIN 27-2098431), 142 Emory Road, Mineola, NY 11501.”
Note: These sample bequest provisions are provided for information only, and Music & Memory does not warrant or ensure their content. Please consult with your attorney for estate planning advice.