What Are Bequests?
Bequests are the expressions of a donor’s generosity that allow the donor to leave a legacy that extends beyond their lifetime. Bequests can take several forms such as:
- Specific bequest – a certain amount of cash, securities, or property.
- General bequest – property that is similar to all other items distributed, usually cash.
- Percentage bequest – a stated percentage of the donor’s estate.
- Residual bequest – all or a portion of what remains of the estate after specific and general bequests are distributed.
If you would like to make a gift by will,
- You include a bequest provision in your will or revocable trust i.e.“I hereby give Hesston College the sum of $________________ [amount]AND / ORThe following described property: ________________ [description]AND / OR
____% [percent] of the residue of my estate to be used for ________________ [stated purpose] of Hesston College.”
*a donor may remove any section of this verbiage as they like.
- Upon your death, the Hesston College will receive the bequest you specified
- You may change your bequest or trust designation at any time
- You control the funding property during your lifetime
- Your bequest or trust designation will not be subject to any potential federal estate tax
- You provide future support for Hesston College