You may make a gift of cash, securities, real estate or other assets by remembering the College in your will. This can be an important consideration of those whose estates might otherwise be subject to higher estate tax rates. With a gift through your will or living trust, you retain full use of your gift property during your life.
Types of charitable bequests include:
The most familiar type of bequest is the general bequest, which specifies that ICO will receive a designated sum. For example, you might make a general bequest of $10,000. You may prefer this arrangement because it is considered a primary charge against your estate, which means it will almost certainly be fulfilled.
This is an excellent alternative to the general bequest. The percentage bequest states that ICO will receive a certain predetermined percentage of your estate. By making a percentage bequest of 10%, for example, you assure yourself that inflation will not reduce the true value of the bequest you intended for our benefit.
When making a specific bequest, you are directing that one particular property be transferred to ICO, such as a certain piece of real estate, the stock from one specific company or some other specific property. This type of bequest is ideal for individuals wishing to give particular stocks or a valuable art object.
This bequest directs that ICO receive either everything remaining in your estate or a designated percentage of your estate after all necessary costs, all general bequests, and all specific bequests are satisfied. This type of bequest allows you the flexibility of making several primary bequests while still giving you the assurance that ICO will be a secondary beneficiary of your estate. But the residuary bequest has the drawback of uncertainty. ICO would receive only as much, or as little, as is left after all primary obligations are satisfied.
As the name implies, this bequest is "contingent" on some event. Usually, you might make a primary bequest for a relative, with the contingency that if that relative is not living at the time of your death, the bequest would pass to ICO. The contingent bequest is often used in the case of a husband or wife who stipulates that if his or her spouse is not living at the time of his or her death, then the bequest specified for the spouse will pass to a contingent charitable beneficiary.