Wills And Bequests

One of the easiest ways to make a gift to Calvary Chapel Fort Lauderdale is through a simple will. This gift can be made in one of several ways. You can specify a dollar amount to be given, specific assets, or a percentage of the entire estate. More complex wills often include trusts, which offer various levels of tax deductions and provide alternate ways to save on taxes. Two examples of trusts often included in estates are charitable remainder trusts and charitable lead trusts. A well-planned will can provide many family benefits and assist you in completing your stewardship goals.

There are several types of bequests that allow you to designate how your estate will be distributed:

Contingent Bequest

A contingent bequest is fulfilled only if certain requirements are met. For instance, if your primary beneficiary does not survive you, it’s possible to indicate another beneficiary through a contingent bequest.

Example: Rob states in his will: “I give all remaining assets of my personal estate to my wife, Jean, if she survives me; if not, then 50 percent in equal shares goes to my children and the remaining 50 percent goes to charity or ministry.”

General Bequest

A general bequest is vague and does not specify the source from which the monies should be paid. This type of bequest is beneficial because it allows the personal representative the flexibility to honor the wills or bequests from any available sources.

Example: Rob states in his will: “I leave $25,000 to my grandson, Billy.” The executor of the will can then use a cash asset, or convert another asset into monies willed to Rob’s grandson.

Residuary Bequest

This type of bequest is honored after all other bequests have been satisfied, and after debts, expenses, and taxes have been paid.

Example: Rob states in his will: “I give the remainder of my real and personal estate to XYZ Ministry”

Specific Bequests

A specific bequest allows you to describe specific entities to be left to individuals, organizations, and the designated source. If you are looking to leave a particular item from a specific source or a specific dollar amount, this is the type of bequest you would use.

Example: Rob states in his will: “I leave my watch to my grandson, Billy. I also leave my securities to XYZ Ministry.”