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A bequest is an instruction in your written will that states how to distribute some or all of your estate.
There are four types of bequests:
The type of bequest language you choose should fit what you want to accomplish. Carefully consider how your gift can help the person or organization when deciding what bequests to include.
In your will, you choose an executor as the person entrusted with the responsibility of carrying out your wishes. The executor has to account for the entire estate (including debts and liabilities) and distribute money and property according to the law and your instructions.
If you change your mind about a bequest, you may amend your will with a codicil or execute an entirely new will.
It is a good idea to update your will on a regular basis to keep up with changes in laws and your own objectives. Also, remember that if you decide to leave a specific asset such as a car or a vacation home to a beneficiary in your will, but later decide to sell or otherwise dispose of the asset, the specific bequest will fail and that beneficiary will receive nothing.
Because a bequest is revocable, it does not qualify for an income tax deduction. However, it does qualify for an estate tax deduction.
No. Assets such as life insurance policies and retirement accounts pass outside the will using a named beneficiary. Therefore, a bequest will not impact the distribution of those assets. Instead, it is possible to name a charitable beneficiary if you wish.
If you do not leave a will, you cannot be sure that your property will be distributed as you intend. Without a will, your property will be distributed by a preset formula according to state intestacy laws, and it is possible that family members, close friends, and worthwhile charities will receive no part of your estate. Making a will is one way to be sure that the people and causes you care for will receive your generous gifts.
A gift in your will has a number of benefits:
Let our gift planning experts help you make the right plan to meet your philanthropic goals. Contact us by phone at 800-558-8311 or email at giftplan@iu.edu to get started.
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