Should you choose to include Fishtown Preservation in our will, the simplest method to choose would be through a specific bequest. Following are some basic questions about bequests as well as some sample wording you might use.
What is a bequest?
A bequest is a section of your will or living trust that directs a gift from your estate to the person or institution of your choice after you die. You may use bequests to provide gifts of money, real estate, stocks, or even works of art, jewelry or other valuables.
Do I need an attorney?
Your attorney should draft or review your will and/or living trust. For a bequest to Fishtown Preservation, we suggest using the wording below. Ask your attorney to review this wording before signing your will. If you already have a will, you may add a codicil providing for a charitable bequest.
What are the different types of bequests?
A specific bequest is the simplest form of bequest. It designates a fixed dollar amount or specific property to the organization. This type of bequest is appropriate when you have a definite dollar amount or an item of value (stocks, bonds, real estate, works of art) that you wish to leave to FPS.
Residual or proportional bequests designate either an entire estate or a percentage of the estate after other specific bequest are distributed. The advantage of this option is that the bequest automatically adjusts in size over time, along with your estate.
Contingent bequests are carried out only if circumstances make it impossible to carry out a primary bequest. For example, if all of the other beneficiaries are deceased, then a contingent beneficiary receives a bequest. Young supporters and those with children are most likely to name a nonprofit like Fishtown Preservation as a contingent beneficiary.