Bequest in Will

A bequest in a will is a common type of planned gift; essentially, you leave money or property in your will to the Foundation. However, the language of the bequest is not usually so straight-forward! You should have the assistance of a lawyer in drafting your will because a lawyer will make sure that the language of the bequest will meet both your philanthropic and financial objectives.

There are different ways to leave a gift in your will. For example, you could make your bequest a gift of a specified amount of money, to the Foundation, to be used for a specified purpose. Or you could decide to leave a piece of property, like shares, to the Foundation. Or you may prefer to have the Foundation receive a portion of your estate after all other gifts and debts have been dealt with.

The Foundation office should be advised if you are considering making a bequest because certain wording and information is required. It is also a very good idea if your lawyer speaks to the Foundation office to ensure that what you want to have happen in your will with your gift to the Foundation. The wording of a bequest, including the proper name of the Foundation, is critical to the result of the bequest. After all, you want the Foundation to receive the gift as you intended it to be made!

There is no immediate tax benefit to you with a bequest, however, a bequest intention of $10,000 or more immediately qualifies for membership in the YMCA’s Heritage Club. Income tax rules treat the gift as having been made in the year of death. Again, make sure you understand, from discussions with your professional advisors, what this type of gift means from income tax and estate planning perspectives.

You may choose to have your donation be placed with other unrestricted donations for the general use of the Foundation. Or you may decide that you wish your donation to be placed with one or more of the directed funds available with the Foundation, such as capital investments, camp sponsorships, international sponsorships, youth programs and membership support. The Foundation office would be happy to give you more information about these funds.

The Foundation will need you to complete direction documents, to comply with income tax regulations and to ensure that your specific wishes are recorded, and to have a copy of the provision in the will. We would also appreciate information about you and your history or relationship with the YMCA so that proper recognition of your gift can be made at the appropriate time.

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