Leaving a Bequest

If you’ve put together an estate plan with the help of an attorney, chances are, you’re familiar with the term “bequest.” A bequest is an instruction for assets or money to transfer to a person or charity following your death.

Here are ways you can leave a bequest to your fund at the Community Foundation. 

Will or trust

You can include a bequest to your fund in your will or revocable living trust (which is a vehicle you establish to avoid probate). You can leave a specific dollar amount, or a portion of the “remainder” of your estate or trust after distributions to family and other beneficiaries. You can update your will or trust anytime prior to your death. 

For example, your attorney will add language along the lines of one of the following: 

“I give to my fund at the Medina County Community Foundation, the rest and residue of my estate for its unrestricted use. The name of that fund is [XXX].”  

“I give to my fund at the Medina County Community Foundation, ____% of my estate. The name of that fund is [XXX].”  

“I give to my fund at the Medina County Community Foundation, the sum of $____. The name of that fund is [XXX].”  

Beneficiary designation

You can leave a bequest through a beneficiary designation on your IRA or other retirement plan, or even on a life insurance policy. Beneficiary designations can be updated throughout your lifetime as your family and financial situation changes. 

Similar to bequest language, you’ll indicate something like the following on your beneficiary designation:

“My fund at the Medina County Community Foundation. The name of that fund is [XXX].”