A bequest is a simple way to provide for the Library’s future and to save on estate taxes.
A Charitable Bequest for the Library can be easily included in your Will when it is written or revised. A bequest may also be added through a Codicil, a separate document amending your existing Will. All charitable bequests are fully deductible from your gross estate.
The following examples illustrate a variety of bequest techniques. You should consult an attorney to adapt this language to your individual circumstances as part of your overall estate plan.
A Specific Bequest is a gift of a particular dollar amount or a particular piece of property.
For example:
I bequeath [dollar amount or description of property] to The Friends of the Rowley Public Library, Inc.
A Residuary Bequest is a gift of all or part of the property remaining in your estate after debts, expenses, and specific bequests have been paid. When you use a percentage instead of a specific amount, your gift will stay relatively the same in proportion to your entire estate, regardless of unexpected increases or decreases in its value.
For example:
I give, bequeath, and devise [all, or ___percent of] the rest, residue, and remainder of the property, both real and personal, wherever situated, which I may own or be entitled to at my death, to The Friends of the Rowley Public Library, Inc.
A Contingent Bequest is a gift that takes effect only if the primary beneficiary or beneficiaries of the bequest predecease you.
For example:
If neither my spouse nor any descendant of mine survives me, then I give, bequeath, and devise all the rest, residue, and remainder of the property, both real and personal, wherever situated, which I may own or be entitled to at my death, to The Friends of the Rowley Public Library, Inc.
As in the examples noted above, please note that the full legal name of the Library is The Friends of the Rowley Public Library, Inc. Our legal address is 141 Main Street, Rowley, MA 01969.
Should you wish to make a bequest for a specific purpose (that is, other than for the Library’s general purposes), please contact one of the Officers of the Friends.