Leave a Legacy

Leave-A-Legacy New Jersey is part of a national public awareness campaign to inspire people from all walks of life and all income levels to think beyond their lifetime. What could – and would – be possible if those of us who make our respective communities a better place while we are alive remembered our favorite charities or causes in our will or estate plan? The possibilities and the ways to accomplish this are endless, and the impact for New Jersey would be immeasurable.

Through the Leave-A-Legacy campaign the Gift Planning Council of New Jersey and the national Partnership for Philanthropic Planning encourage estate planning that includes charitable bequests.

Why Leave a Legacy?

During our lifetimes most people require assistance of some kind, whether physical, financial, spiritual, or otherwise. Perhaps a local church congregation or food bank supplied meals during a tough time. Maybe you were given a scholarship that made an education possible. You or a loved one may have been shown especially compassionate care in the hospital during an illness or injury. There could be just one incident that you remember—or many. Someone or some organization helped to change your life.

The demand for such assistance continues to grow, and if others are to benefit as you have, philanthropy must sustain these programs and causes that enrich our personal and communal lives. Whether it’s medical research, domestic abuse shelters, or a treasured arts or music program, the responsibility for the future of that cause or organization rests with us.

More than 80 percent of Americans contribute to nonprofit groups during their lifetimes, but as research conducted in 2000 indicates, only eight percent of Americans continue this support through a charitable bequest. You can change that trend.

By making bequests through wills, trusts, or other structured gifts, you can help organizations that make a difference in your communities. What better way to thank the people or organizations that affected your life than give to that cause through a bequest?

Gifts large and small matter. Charity is not only for the wealthy.

Questions You May Have

You have children and relatives. Shouldn't you leave your entire estate to them?

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How many people already include charities in their estate plan?

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How do you give through a will?

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Charitable Bequests

A charitable bequest is simply a distribution from your estate to a charitable organization through your last will and testament. There are different kinds of bequests. For each, you must use specific language to indicate the size of the bequest and the purpose to which you want it put. With any charitable bequest, be sure to name the recipient accurately. A bequest to “The Cancer Society” might go to national headquarters when you meant it to go to the affiliate in your community.

General Bequests

General bequests are legacies left to certain people or causes that come from the general value of the estate and are made by designating a specific dollar amount, a particular asset, or a fixed percentage of your estate to the person or cause of your choice.

Sample general bequest language: "I give, devise, and bequeath to NAME OF CHARITY AND LOCATION [YOU MAY INCLUDE THE TAX IDENTIFICATION NUMBER], the sum of $________[or a description of the specific asset] for the benefit of NAME OF CHARITY and its general purposes."

Specific Bequests

Specific bequests involve a particular item or property bequeathed, perhaps for a designated purpose. For example, you may want to bequeath musical instruments to the local school district for use in music education or you may want a specific dollar amount or a specific bank or brokerage account used for a building project at a school or church.

Sample specific bequest language: "I give, devise, and bequeath to NAME OF CHARITY/LOCATION [YOU MAY INCLUDE THE TAX IDENTIFICATION NUMBER] the sum of $_______ [or a description of a specific asset] for the benefit of NAME OF CHARITY to be used for the following purpose: [state the purpose]. If at any time in the judgment of the trustees of NAME OF CHARITY it is impossible or impracticable to carry out exactly the designated purpose, they shall determine an alternative purpose closest to the designated purpose."

Residuary Bequests

Residuary bequests involve leaving the residue portion of your assets (or a percentage of them) after the other terms of the will have been satisfied.

Sample residuary bequest language: “All the rest, residue, and remainder of my estate [or a percentage thereof], both real and personal, I give to NAME OF CHARITY/LOCATION for [its general purposes or a specific purpose stated]."

Contingent Bequests

Contingent bequests allow you to leave a portion of your estate to a particular charity if one or more of your other named beneficiaries does not survive you or disclaims a bequest.

Sample contingent bequest language: "I devise and bequeath the residue of the property, real and personal and wherever situated, owned by me at my death, to (name of beneficiary), if (she/he) survives me. If (name of beneficiary) does not survive me, I devise and bequeath my residuary estate to NAME OF CHARITY/LOCATION, for its general purposes [or stated purpose].

What if you do not have a will?

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Do you have an estate?

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Upcoming Events

February 27
10:30 AM - 1:30 PM	February Meeting
Crown Plaza in Clark, NJ
April 25
	Annual Conference

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