Bequests: How to Complete Your Gift
1. Choose what to give.
Pick from one of these four options.
- A specific bequest gives us a particular piece of property. If you disposed of the property before your death, we won’t receive your intended gift because we cannot claim any other property.
- A general bequest gives us a stated sum of money. If there is insufficient cash in your estate to cover the bequest, other assets will be sold for cash to honor your wishes for us.
- A residuary bequest gives the “rest, residue and remainder” of your estate, or, more commonly, a percentage of the residue after all other bequests, debts and taxes have been paid.
- A contingent bequest requires a certain event to occur before the gift can happen. For example, you could bequeath funds to a family member provided that person survives you; if not, the funds would then go to PETA.
2. Decide how you would like PETA to use your gift.
Choose from one of these three options.
- An unrestricted bequest allows us to use the assets in the most beneficial way.
- A restricted bequest allows you to specify how we are to use the funds. Contact us in advance to be certain your intent can be fulfilled.
- An endowed bequest allows you to restrict the principal of your gift so we can use only a small portion each year, typically allowing the fund to last forever.
3. Meet with your estate planning attorney.
Whether you need to create a will or simply update an old document, you’ll want to seek the help of an estate planning attorney.
|Download a free guide about how to prepare for this meeting with your attorney.|
Share the sample bequest language for PETA with your estate planning attorney:
“I, [name], of [city, state ZIP], give, devise and bequeath to People for the Ethical Treatment of Animals, Inc., federal tax identification number 52-1218336, with the permanent address of P.O. Box 42516, Washington, DC 20015, the sum of $_______ [or describe the real or personal property of percentage of your estate] for its unrestricted use and purpose.”
4. Let us know of your plans.
Please contact Tim Enstice at 757-962-8213 or firstname.lastname@example.org to let us know when you have made plans for such a gift. We would love the opportunity to thank you for your generous act. We are happy to honor your wishes regarding anonymity.