Bequest in a Will or Living Trust

Bequest in a Will or Living Trust

The most common form of planned giving, a bequest, is a gift that is made through a will or living trust. The Monticello Area Education Foundation is often named beneficiary in the wills and living trusts of alumni and friends. Bequests may be stated as a percentage of the estate, as the residual of the estate, or for a specific dollar amount. Since a will can be changed, no income tax benefits are associated with a bequest; however, the donor's estate is reduced by the amount of the bequest for estate tax purposes.

The drafting of your will or living trust should be arranged with your attorney. Foundation representatives are available to confer with you and your attorney in drafting the appropriate bequest clauses.