A specific bequest is a gift of a specific item of your property. Gift examples include: real estate, jewelry, corporate securities, or other identifiable items of your property.
A general bequest is a percentage of your total estate, or a gift of a certain amount of money that is stated directly in the bequest. When a percentage of the estate is given, it is determined after estate expenses are paid, inclusive of medical, legal and administrative. When the accounting of the estate assets is complete, the Humane Society receives its share of the estate.
A residuary bequest is a gift of all or part of your remaining state after all specific and general bequests have been distributed. In a residual bequest, the person making a will may identify people to receive certain amounts and designate the remainder to be distributed according to the residuary bequest.
A testamentary trust is a trust created by you in your will. This will is used to create the trust and states the name of the trustee and gives instructions to the trustee on the disposition of the trust assets. The trustee will then carry out the desires of the creator of the trust; for example, how to invest the trust assets and when and how to distribute those assets. A testamentary trust does not take effect until after the writer of the will has passed away.
A charitable remainder trust contains a provision directing the trustee to provide for you and or the welfare of loved ones for the remainder of their lives. After the loved ones are provided for, the trustee is instructed to give any remaining assets to charity.
Many people have Individual Retirement Accounts, 401(k) plans, or 403(b) plans. These deferred income and savings plans allow you to name the Society as a beneficiary for some or all of the savings in the plan. It is important to first assure that your retirement needs are met and to seek professional advice before changing the distribution of your plan’s assets.
Current life insurance policies are a way to provide a future gift to the Society. Current policyholders can assign the benefits of their policy to the Society.
New or added policies are a way to provide a future gift to the Society. If an existing policy owner ads to their personal insurance, or a first-time policy owner acquires insurance, the Society can be made the owner of a policy, with the donor paying the premiums, which may be deductible.
In regard to gifts of life insurance, we advise you to obtain professional advice.