Types of Estate Planning Instruments
Most people who make bequests do so through their wills. If you already have a will, you can add a bequest to The Seattle Public Library Foundation by means of a simple document called a codicil. In some cases, donors who have revocable living trusts choose to make a future gift to the Foundation through the equivalent of a bequest, namely a charitable distribution provision in the trust agreement. Usually, an existing trust agreement can easily be amended to include such a provision. Regardless of the instrument you use, be sure to seek the assistance of your attorney.
Forms of Bequests
- Specific sum of money: “I give to The Seattle Public Library Foundation the sum of [exact dollar amount].”
- Specific property such as real estate, stocks, bonds, works of art, or other items: “I give to The Seattle Public Library Foundation [description of the particular property].”
- Rest and residue of estate after paying debts, taxes, expenses, and other bequests: “I give to The Seattle Public Library Foundation all [or a stated percentage] of the rest, residue, and remainder of my estate.”
- Contingent bequest if the Testator is not survived by certain individuals: “If [name/s of primary beneficiary/ies] do/es not survive me, or shall die within ninety (90) days from the date of my death, or as a result of a common disaster, then I give to The Seattle Public Library Foundation [exact dollar amount, description of property, or percentage of residual estate].”
Bequests for Restricted Purposes
Please contact the Foundation at (206) 386-4130 or firstname.lastname@example.org to confirm that the Library can fulfill your intentions.