Bequests

 

Bequest in a Will

Benefits

•  Your assets remain in your control during your lifetime.

•  You can modify your bequest if your circumstances change.

•  There is no upper limit on the estate tax deductions that can be taken for charitable bequests.

•  You can have the satisfaction now of knowing that your bequest will support JML in the way you intended when you are gone.

If you are interested in updating your will or adding a codicil to include JML as a beneficiary please consult with your attorney.

 

Sample Language for Will

The following language may be helpful to your attorney in drafting a bequest to JML:

•  Specific Bequest: “I give, devise and bequeath to Jackson Memorial Library, a not-for-profit corporation located in St. George, Maine, the sum of $ _________ (or ___ percent of my estate) to be used for its general purposes.”

•  Residuary Bequest: “I give, devise and bequeath _______________ (insert % amount) of all the rest, residue and remainder of my estate to Jackson Memorial Library, a not-for-profit corporation located in St. George, Maine, to be used for its general purposes”.

• Contingency Gift: Takes effect only if a primary intention can’t be met. If (name of beneficiary) does not survive me or as a result of a common disaster, then I give to Jackson Memorial Library, a not-for-profit corporation located in St. George, Maine, all of the rest, residue, and remainder of my estate, to be used for its benefit.

 

 

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