A charitable bequest is simply a distribution from your estate to a charitable organization through your last will and testament or trust. There are different kinds of bequests. For each, you must use very specific language to indicate the precise distribution of your assets and to successfully carry out your final wishes. In any charitable bequest, be sure to name the recipient accurately. For instance, a general bequest to the “Community Foundation” might go to a different community foundation. Be sure to use “Eastern West Virginia Community Foundation” (or the name of one of its affiliates “Hampshire County Community Foundation”, “Hardy County Community Foundation”) when making a bequest to us. We encourage you to reach out to us when you begin thinking about leaving a gift as there are so many different ways to support your favorite nonprofit organizations and charitable causes in perpetuity. Below are a few examples.
Sample Bequest Language
General Bequests are legacies left to the Eastern West Virginia Community Foundation that come from the general value of the estate and are made by designating a specific dollar amount or a fixed percentage of your estate. General bequest language: ”I give, devise, and bequeath to the Eastern West Virginia Community Foundation headquartered in Martinsburg, West Virginia, the sum of $________(or __% of the residue of my estate), for its general purposes.”
Specific Bequests are made when a particular item or property is bequeathed for a designated purpose. Specific bequest language: ”I give, devise, and bequeath to the Eastern West Virginia Community Foundation, headquartered in Martinsburg, West Virginia, my _______ (description of a specific asset), for its general purposes.
Residuary Bequests are made when you intend to leave the residue portion of your assets after other terms of the will or trust have been satisfied. Residuary bequest language: ”All the rest, residue, and remainder of my estate, of any nature whatsoever and wheresoever situate, I give to the Eastern West Virginia Community Foundation headquartered in Martinsburg, West Virginia, for its general purposes.”
Contingency Bequests allow you to leave a portion of your estate to the Eastern West Virginia Community Foundation if your named beneficiary does not survive you. Contingency bequest language: ”I devise and bequeath all the rest, residue, and remainder of my estate, of any nature whatsoever and wheresoever situate, to (name of beneficiary), if (she/he) survives me. If (name of beneficiary) does not survive me, I devise and bequeath all the rest, residue, and remainder of my estate, of any nature whatsoever and wheresoever situate to the Eastern West Virginia Community Foundation headquartered in Martinsburg, West Virginia for its general purposes.”
Beneficiary designations in a life insurance policy, annuity, or charitable trust are also meaningful ways to make a planned gift to the Eastern West Virginia Community Foundation. These allow you to list the Foundation along with others that you would like to benefit from the proceeds of the policy or trust. You can name the Foundation as the sole beneficiary or as one of the numerous beneficiaries. As well, you can name the Foundation for a percentage or for a specific dollar amount of the proceeds. Just ask the administrator of your policy or plan for a designation form if you wish to make this kind of gift.
Naming the Eastern West Virginia Community Foundation as a beneficiary of a tax-deferred retirement account like a Traditional IRA, Keogh,, or 401(K) is excellent way to create a lasting legacy. Beneficiaries of these accounts are taxed if the these retirement accounts are left to heirs or to your estate. Naming the Eastern West Virginia Community Foundation or one of our affiliates (Hampshire County Community Foundation or Hardy County Community Foundation) as a beneficiary can provide tremendous tax savings and greater benefit to the nonprofit organizations and charitable causes you wish to support after you pass.
Disclaimer: The sample language provided above does not constitute legal, tax or other advice as the Eastern West Virginia Community Foundation and its affiliates do not provide such advice. Donors are encouraged to consult with their legal, tax, or other advisors to properly coordinate their charitable gift bequest to the Eastern West Virginia Community Foundation or its affiliates.
To designate the use of a donation, please contact our offices at 304-264-0353 for a template of a shell fund agreement.