Make A Bequest In Your Will
To Make A Bequest
Remembering Volunteers of America Greater New Orleans in your will, or through other forms of estate planning, is charitable giving that truly makes a difference. You can help create a better world for your children and grandchildren and support causes you hold dear.
The most practical way to make significant gifts may be through your estate plan, by means of a will, living trust, or beneficiary designation on a life insurance policy or retirement account. A bequest is the most traditional way to provide significant help for worthwhile causes. With a gift through your will or living trust, you keep full use of your gift assets during your life. Such charitable gifts are wholly revocable while you are alive and may save significant taxes for your estate.
Types Of Charitable Bequests
You can structure a charitable bequest in ways that will be both personally satisfying and tax advantageous. Charitable bequests take many forms:
Outright (specific) bequest This is a gift of a particular amount of money or item of property (for example: "I bequeath $25,000.").
Residuary bequest The residue of an estate is the amount remaining after all specific bequests have been distributed; the exact amount will not be known until the final accounting is completed. The residue may pass as a percentage bequest ( "I give one-third of the residue of my estate.").
Contingent bequests You can name a secondary beneficiary to receive property in the event the primary beneficiary is not alive (for example: "I bequeath $10,000 to my father, but if he has predeceased me, I direct the $10,000 be paid to . . . ").
Because each state may have special requirements for
creating a valid will, you should consult with your legal adviser to
ensure your will is in compliance with all laws.
Sample Bequest Language
To Bequest a Specific Amount ($) or Percentage (%)
"I bequeath [the sum of $_____; OR the percentage of _____%] to Volunteers of America of Greater New Orleans, or its successor in interest, to be used in such manner as the Board of Directors shall, in its sole discretion, determine. If Volunteers of America Greater New Orleans, or its successor in interest, does not exist at the time of my death, this bequest shall lapse and become a part of the residuary of my estate."
To Make A (Unrestricted) Residuary Bequest
"I give, devise and bequeath to Volunteers of America of Greater New Orleans, or its successor in interest, all of the rest, residue and remainder of my estate, to be used in such manner as the Board of Directors shall, in its sole discretion, determine. If Volunteers of America of Greater New Orleans, or its successor in interest, does not exist at the time of my death, this gift shall lapse and I give, devise and bequeath the rest, residue and remainder of my estate to my heirs at law."
This statement should come after the donor's bequests to family or other beneficiaries.
To learn more about a will bequest to Volunteers of America Greater New Orleans email us or call (504) 482-2130.
Volunteers of America Greater New Orleans
is a non-profit human service organization that helps more than 72,000
people in need throughout 16 parishes in southeast Louisiana.
You can help by donating your vehicle, stocks and mutual funds, life insurance, or making a bequest in your will or planned gift. Volunteering your time is also an invaluable way to contribute. Sign up today to learn more about our programs and services.