Many of our donors have discovered they can care for family members and provide a bequest for the Navy-Marine Corps Relief Society. Making a gift from your will, otherwise known as a bequest, is easy, whether you are creating a will or living trust, or amending an existing one. In fact, if you have an up-to-date will or living trust you may not need to redo it. A gift to the Society can be added through and amendment or codicil. Your attorney can explain how simple it can be.
A bequest is also very flexible, if your circumstances change, you can easily make adjustments to your will or living trust at any time.
Your attorney may provide suggestions on how to create or amend your bequest and/or living trust, including which assets are best to leave to charity.
Here is some sample language you may wish to provide:
“Navy-Marine Corps Relief Society, 875 N. Randolph Street, Suite 225, Arlington, VA 22203-1767, a Virginia nonprofit corporation, or its successor, Federal Tax Identification Number: 53-0204618.”
General Bequest of a stated sum of money may be worded:
“I give to Navy-Marine Corps Relief Society, 875 N. Randolph Street, Suite 225, Arlington, VA 22203-1767, a Virginia nonprofit corporation, or its successor, Federal Tax Identification Number 53-0204618 [insert here the exact dollar amount].”
Specific Bequest of a certain asset from your estate may be worded:
“I give to Navy-Marine Corps Relief Society, 875 N. Randolph Street, Suite 225, Arlington, VA 22203-1767, a Virginia nonprofit corporation, or its successor, Federal Tax Identification Number 53-0204618, [insert here a description of the particular property].”
Residuary Bequest, after other bequests and expenses have been paid, may be worded:
“I give to Navy-Marine Corps Relief Society, 875 N. Randolph Street, Suite 225, Arlington, VA 22203-1767, a Virginia nonprofit corporation, or its successor, Federal Tax Identification Number 53-0204618, all [or a portion] of the rest, residue and remainder of my estate.”
Contingent Bequest if the person making the will 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 Navy-Marine Corps Relief Society, 875 N. Randolph Street, Suite 225, Arlington, VA 22203-1767, a Virginia nonprofit corporation, or its successor, Federal Tax Identification Number 53-0204618, [insert here the exact dollar amount, description of property, or percentage of residual estate].”
Exceptions: What can override a will?
While a will is a critical legal document, other estate planning tools may supersede what is written in a will. These include trusts, beneficiary forms, and will substitutes.
- Trusts – Property held in a trust is distributed according to the terms of the trust – regardless of what the will says.
- Beneficiary Designations – Beneficiaries you designated for retirement accounts or insurance contracts can supersede the terms of a will. Beneficiaries are commonly named on IRAs and other retirement plans, insurance and annuity contracts, and individual accounts.
- Will Substitutes – A partnership or shareholder’s agreement may dictate how property is distributed. It is also possible that state law can order how some property is distributed to make sure that a spouse and minor children receive part of the estate.