Suggested Bequest Wording
Many individuals designate that a portion of their assets be used for the benefit and support of charitable organizations when determining the final distribution of their estates. Bequests are a powerful expression of generosity and vision—enabling you to leave a lasting legacy and make significant contributions that may not have been possible during your lifetime. The reasons are clear. A charitable bequest is simple, requiring only a sentence in your will or living trust. Your lifestyle will be unaffected; you still control your assets. You can change your mind, depending on your circumstances. You may save estate taxes if you have high net worth and your estate would be subject to such taxes.
You can choose the type of bequest that suits you:
- A gift of a specific dollar amount
- A gift of a particular property or asset
- A gift of a percentage of what remains after paying expenses and specific bequests
- A gift that pays income to heirs and the balance to charity
Whether you currently have a will or not, we encourage you to think about provisions for those you will leave behind. As you remember the people and organizations vital to your life, we hope DRI will be on your list.
Regardless of your age or your financial circumstances, there is no better time than the present to plan for the disposition of your assets through the means of a will prepared by your attorney. A carefully thought-out will can minimize the impact of estate taxes and provide more funds for your family, as well as an enduring expression of your charitable wishes.
Where Should I Start?
You should first make a list of all your property and its approximate value. Then you need to decide to whom you want to leave your property and in what manner. The attorney who prepares your will might suggest that some part of your property be left in a trust: your will, for example, could create a trust to provide income to your spouse for his or her lifetime, with the property then to go to your children. Trusts of this nature can often be used to save estate taxes. Your attorney can advise you about such tax savings and can also show you how a gift made under your will to a charity such as Diabetes Research Institute Foundation, Inc. saves taxes.
Who Should Be My Executor?
The executor named in your will has the responsibility of carrying out its directions. You can name a spouse, relative, or friend. Many people prefer to name a bank or trust company that is experienced in handling estates and managing the investment and distribution of property. One advantage of a bank is its permanence—an individual could predecease you.
What Does a Will Cost?
For a simple will, most lawyers would likely charge about $500. The cost normally will increase as the complexity of the document increases, but the professional involvement is well worth it: A will must meet the legal requirements of your state. If it does not, it could be invalid.
Contact Us
Diabetes Research Institute Foundation, Inc.
1450 N.W. 10th Avenue, 2nd Floor
Miami, FL 33136
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