Most planned gifts are made as bequests through one’s will or estate plan. In fact, almost 80% of all planned gifts are bequests. You may not need to rewrite your will in order to include a bequest to St. Matthew’s Episcopal Church. Your attorney will advise you on the best way to handle a bequest.
To begin, determine the best kind of bequest for your purposes—whether it is an outright bequest, a remainder bequest, or a contingent bequest.
An outright bequest may be funded in a variety of ways. Frequently donors simply state a specific dollar amount to be given to the church. You can give the church a specific piece of property such as a house, land, or a valuable work of art. Or you may designate St. Matthew’s to receive a certain percentage, such as 10 percent, a tithe of your estate.
In a remainder bequest, the church receives a set amount, a percentage, or all that remains after all other specific bequests and obligations have been paid.
A contingent bequest provides for the distribution of your assets to St. Matthew’s if none of your named beneficiaries survive you.
Wording for an Outright Bequest with a specific amount or percentage
I give, devise, and bequeath (state the amount, asset or percent of the residue of your estate) to St. Matthew’s Episcopal Church, 330 N. Hubbards Lane, Louisville, KY 40207, to be added to the permanent endowment fund.
Wording for a Contingent Bequest
In the event the beneficiaries of bequests, and devises herein predecease me, or, in the case of institutions, cease to be organizations described in section 501(c)(3) of the Internal Revenue code, I_____(your name)_____, hereby give, devise, and bequeath to St. Matthew’s Episcopal Church, 330 N. Hubbards Lane, Louisville, KY 40207, the rest, residue and remainder of my estate, to be used at their discretion to assist in the ministries of the church.