A charitable bequest is a provision in a person’s will or trust that designates a specific amount of money or property to be given to a charitable organisation upon the person’s death. This legal document outlines the intention of the testator to make a charitable donation and specifies the details of the bequest, such as the recipient organisation, the amount or type of property to be donated, and any conditions or restrictions attached to the bequest. The charitable organisation is entitled to receive the bequest and must comply with any stated conditions or restrictions.
A charitable bequest is a gift made in a will or trust to a charitable organisation or cause.
Assets that can be included in a charitable bequest include cash, securities, real estate, personal property, and other assets.
Yes, a charitable bequest can be changed or revoked at any time before the donor’s death.
A charitable bequest can provide significant tax benefits, including a reduction in estate taxes and income tax deductions.
To make a charitable bequest, you should consult with an estate planning attorney to ensure that your wishes are properly documented in your will or trust.
Yes, you can designate a specific charitable organisation to receive your bequest.
Yes, you can make a charitable bequest to a foreign charity, but you should consult with an attorney to ensure that the charity is eligible to receive tax-deductible donations.
Yes, you can make a charitable bequest to a private foundation, but you should consult with an attorney to ensure that the foundation is eligible to receive tax-deductible donations.
To ensure that your charitable bequest is used for the intended purpose, you should include specific instructions in your will or trust and communicate your wishes to the designated charitable organisation.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 4th April 2024.
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