A bequest or a gift through a living trust is a great way to invest in the future of the TWRC Wildlife Center. A bequest insures that your property will be put to good use after you no longer need it. Charitable estate planning is a gratifying way to make a significant gift in the future without affecting your current finances.
Estate planning begins with the definition of your goals. It is important to have the assistance of legal counsel to draft trusts agreements, wills, and other estate planning documents.
Estate planning is very flexible. A bequest or a gift through a living trust can designate a gift of cash, securities, real estate, and personal property such as valuable collections, art, or jewelry. It may designate a specific dollar amount, a percentage of your estate, or the remainder of your estate after expenses and gifts to loved ones.
A will allows an individual to determine exactly how his or her estate is to be managed and provides the foundation of a sound estate plan. Without a will, the law of the state in which the person lived will determine how his or her estate is divided. State laws generally provide for distributions to relatives and provide nothing for friends or charitable organizations. A bequest for TWRC can easily be included when drafting a will for the first time, or by adding a codicil to an existing will.
Living trusts are a popular alternative to wills because the terms of the trust are effective without the hassle of probate court and they may be kept private. While living trusts are sometimes called “will substitutes,” a living trust is better thought of as being used in conjunction with a will. Any assets that are not placed in an individual’s living trust during his or her life can be moved into the living trust upon the individual’s death through a “pour-over” will. A gift provision for TWRC can easily be added to a trust agreement.
Specifying How a Gift is Used
In making a gift through a living trust or will, the donor can request that the gift be designated for a restricted or unrestricted purpose. TWRC is happy to work with you so that your funds can be directed to programs and areas that best meet your individual needs and interests. We’ll be happy to assist you if you have any questions.
A gift to TWRC through a will or living trust offers benefits to the donor in the form or advantageous tax treatment under both state and federal laws and and can provide the donor with substantial transfer estate and gift tax savings.
Bequest Options & Sample Attorney Language
Your attorney or financial advisor can work with you to include TWRC Wildlife Center in your will, trust, or codicil.
Below is specific language that you and your attorney can use to remember TWRC Wildlife Center in your will. Bequest options include:
Specific Bequest: States a specific dollar amount, percentage of your estate, or property to TWRC Wildlife Center. Sample language to get you started: “I give, devise and bequeath ____% of my estate (or specific assets) for the benefit of TWRC Wildlife Center, 10801 Hammerly Blvd., #200, Houston, TX 77043, EIN 74-2130258, to be used for its general purposes.
Residuary Bequest: Made when you intend to leave the residue portion of your assets after other terms of the will have been satisfied. Sample language: “All the rest, residue, and remainder of my estate, both real and personal, I give to TWRC Wildlife Center, 10801 Hammerly Blvd., #200, Houston, TX 77043, EIN 74-2130258, for its general purposes.”
Contingency Bequest: Allows you to leave a portion of your estate toTWRC Wildlife Center if your named beneficiary does not survive you. Sample language: “If (beneficiary) does not survive me, I devise and bequeath my residuary estate to TWRC Wildlife Center, 10801 Hammerly Blvd., #200, Houston, TX 77043, EIN 74-2130258, for its general purposes.”
Restricted Bequest: Allows you to designate how your gift to TWRC Wildlife Center will be used, such as to name an endowment or to support a specific purpose, such as the TWRC Wildlife Education Center.
Other Gifts: You can leave real estate, IRA’s, insurance policies, and personal property. Gift annuities and stock are also considered planned gifts and may offer substantial tax advantages. Trusts may provide life income while ultimately benefiting TWRC Wildlife Center.