Wills and Bequests
The charitable bequest is the most familiar and widely used way to benefit Scouting at some future time. It is how many donors choose to establish a legacy after their lifetime, but in a way that remains revocable at any time during their life.
Most who include Scouting in their wills often benefit their heirs at the same time. A charitable bequest is completely deductible from the estate. Depending on your needs, there are many forms a bequest to Scouting can take. These include:
1. General Bequest a designated sum of money from your estate, such as $10,000. These are among the first bequests to be fulfilled in an estate.
2. Specific Bequest a specifically designated item, such as stock in a certain company, a specific home or piece of land, art work, etc. If you do not own the item at the time of your death, the beneficiary will get nothing.
3. Percentage Bequest a designated percentage of your estate, such as 10%. A good way to ensure that inflation will not reduce the value of your bequest to Scouting.
4. Residuary Bequest a designation that gives Scouting all or a percentage of any estate remaining after all your general and specific bequests are satisfied. There may or may not be any gift for Scouting with such a bequest.
5. Contingent Bequest a bequest that will not take effect unless another bequest fails, such as to a spouse or other relative that might predecease you.
Many donors also establish testamentary charitable trusts in their will. These may be annuity trusts or unitrusts just like those created during life but are funded or created in a will. Also, for donors who have used living trusts instead of a will, Scouting and other charities can easily be included in those.
Many donors establish testamentary charitable trusts in their wills. These may be annuity trusts or unitrusts just like those created during life but are funded or created in a will. Also, for donors who use living trusts instead of a will, Scouting and other charities can easily be included in those.
For those already with wills, simple changes can easily be made with a codicil. A codicil is a simple addition or amendment to an existing will. As with all bequests, codicils remain revocable during your lifetime. Regardless of your charitable plans, it is important to regularly review your will and make sure it meets the changing needs of you and your family.