One of the most impactful ways to support NARSOL’s Foundation is by including a charitable gift in your will or estate plan. This approach, known as a bequest, allows you to create a lasting legacy while ensuring your assets are distributed according to your wishes. Here’s a guide to the main giving vehicles that involve changing the language in your will or estate plans, along with sample wording and key considerations.
It is important to note that NARSOL and NARSOL’s Foundation provide this as general information. Everyone’s planning is different and individuals should consult their financial advisors and attorneys. Nothing contained herein is legal advice.
What Is a Bequest?
A bequest is a gift made through your will or living trust. It can be tailored to your philanthropic goals and personal circumstances, making it one of the most flexible and accessible planned giving options. Bequests can take several forms:
- A specific dollar amount
- A percentage of your estate
- The remainder (residue) of your estate after other gifts and expenses are paid
- A particular asset, such as real estate or stocks
- A contingent bequest, which takes effect only if other beneficiaries are unable to inherit
Types of Bequests
| Type | Description | Example Wording |
|---|---|---|
| Specific Bequest | Leaves a particular dollar amount or asset to NARSOL’s Foundation | “I give and bequeath to NARSOL’s Foundation the sum of $10,000.” |
| Percentage Bequest | Gives a set percentage of your total estate | “I give and bequeath to NARSOL’s Foundation 10% of my estate.” |
| Residual Bequest | Donates what remains after other gifts and expenses are fulfilled | “I give all the rest, residue, and remainder of my estate to NARSOL’s Foundation.” |
| Contingent Bequest | Takes effect if another beneficiary cannot inherit | “If my spouse does not survive me, I give $10,000 to NARSOL’s Foundation.” |
| Specific Asset Bequest | Leaves a particular item, such as property or stocks | “I give 100 shares of XYZ Corporation to NARSOL’s Foundation.” |
These options can be combined or customized with the help of your attorney to reflect your intentions.
Sample Bequest Language
Here are examples of language you can use in your will or estate plan:
“I give, devise, and bequeath to NARSOL’s Foundation, a nonprofit organization, [the sum of $] [ percent of my estate] [all the rest, residue, and remainder of my estate] to be used for its general charitable purposes.”
You can also specify a particular program or purpose, or make your gift contingent on other conditions.
Other Estate Planning Vehicles
- Charitable Trusts: You can establish a charitable remainder trust or charitable lead trust through your estate plan. These trusts can provide income to you or your heirs for a period of time, with the remainder benefiting NARSOL’s Foundation.
- Beneficiary Designations: You can name NARSOL’s Foundation as a beneficiary of your retirement accounts, life insurance, or donor-advised funds. This is often as simple as updating a form, but can also be referenced in your estate documents.
Why Consider a Bequest or Estate Plan Gift?
- Flexibility: You retain control of your assets during your lifetime and can revise your plans as your circumstances change.
- Legacy: Your gift supports NARSOL’s mission for generations to come.
- Tax Advantages: Bequests may reduce the taxable value of your estate, potentially increasing what you leave to loved ones and charity.
Getting Started
- Consult with your attorney or estate planner to add or update language in your will or trust.
- Inform NARSOL’s Foundation of your plans so we can honor your intentions and recognize your generosity, or determine if you wish to remain publicly anonymous.
By including NARSOL’s Foundation in your estate plans, you help ensure a future where our mission continues to thrive. If you have questions or would like sample language tailored to your wishes, please contact us- we’re here to help you create your legacy.