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A bequest through a will is the simplest and most common planned gift. It can be an outright monetary bequest, a percentage of your estate, a percentage of the “rest, residue, and remainder” of your estate after a number of other bequests have been fulfilled, or a specific asset such as personal or real property. It could also be a contingent bequest, to be exercised only if some other intention is unable to be fulfilled (such as a named heir predeceasing you). You can have charitable bequests given for general purposes or to support specific ministries at Marytown.
Bequest of a Residual Amount
When you die, your assets are distributed to your beneficiaries by a will. If you don’t specifically name an asset (like a personal belonging or piece of real estate), and assign it to an heir, it becomes part of the residuary estate. This also happens if you have no beneficiaries or you forgot to bequeath an asset to someone in your will or trust. The residuary estate encompasses all of these overlooked or unclaimed assets that once belonged to the deceased, after everything has been taxed and debtors’ claims are satisfied.
Sample Bequest of a Specific Dollar Amount or Percentage
“I hereby bequeath _________ and No/100 dollars ($DOLLARS) or _____ Percent (%) to the Conventual Franciscan Friars of Marytown, a nonprofit organization located at 1600 W. Park Ave, Libertyville, IL 60048, Federal Tax ID #36-3525662, for the Conventual Franciscan Friars of Marytown’s general use and purpose.”
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Contact Us
Please contact us if you have any questions about how to make a bequest to Conventual Franciscan Friars of Marytown or to request any additional information that might be helpful to you and your attorney as you consider making a bequest to us. If you have included a bequest for Marytown in your estate plan, please contact our Development Office to let us know. We would like to thank you and recognize you for your gift.
Questions:
[email protected]
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Designated Representative:
Very Reverend Lawrence Zurek, OFM, Conv., Rector
847-367-7800 x228
Our Legal Name: Conventual Franciscan Friars of Marytown
Tax ID#: 36-3525662