Gifts by Bequest

Gifts by Bequest

Definitions
Specific bequest—states a specific amount or specific asset. It may be a gift of cash, securities or a gift of real estate or tangible personal property.

Residuary bequest—names the HaysMed Foundation as recipient of all or a percentage of the remainder of the estate after specific bequests have been fulfilled.

Contingent bequest—takes affect only if all primary beneficiaries named in the will are predeceased.  Declaring the HaysMed Foundation a contingent beneficiary can prevent the property from going to the State if there are no heirs.

Testamentary trust—designates that part or all of the estate is left in a trust, with income and/or principal paid to the HaysMed Foundation.

Sample Bequest Clauses

Residuary Estate
I give, devise, and bequeath my residuary estate, which is all the rest, residue, and remainder of my property, real and personal, of every kind and description and wherever located (including all legacies and devises that may for any reason fail to take effect), belonging to me at the time of my death or subject to my disposal by will, to Hays Medical Center Foundation, a 501(c)(3) corporation organized and existing under the laws of the State of Kansas and having an office at Hays, Kansas, for its general purposes.  (If the donor prefers to specify use of the gift, language specifying the gift restriction would be inserted here in place of “for its general purposes.”)  All charitable gifts, bequests and devises should be made to the extent possible from assets that constitute income in respect of a decedent as that term is defined in the Internal Revenue Code.

Specific Property
I give, devise, and bequeath all my right, title, and interest in and to (describe the specific property here) to Hays Medical Center Foundation, a 501(c)(3) corporation organized and existing under the laws of the State of Kansas and having an office at Hays, Kansas, for its general purposes. 

General Bequest
I give, devise, and bequeath ___________ dollars ($_________) to the Hays Medical Center Foundation, a 501(c)(3) corporation organized and existing under the laws of the State of Kansas and having an office at Hays, Kansas, for (a designated program or its general purposes).  All charitable gifts, bequests and devises should be made to the extent possible from assets that constitute income in respect of a decedent as that term is defined in the Internal Revenue Code.

Contingent Gift of Residuary Estate
I devise and bequeath the residue of the property owned by me at my death, real and personal and wherever situate, to _______________, if he/she survives me. If he/she does not survive me, I devise and bequeath my residuary estate to the Hays Medical Center Foundation, a 501(c)(3) corporation organized and existing under the laws of the State of Kansas and having an office at Hays, Kansas, for (a designated program or its general purposes)