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You can leave a specific asset, a percentage of your estate or the remainder of your estate after you have taken care of other beneficiaries. Additionally, you may specify that your bequest be used for the general purposes of the Foundation or for a particular area of interest. Any bequest provision can be altered during your lifetime to change the legacy you will leave behind.
There are several bequest options to consider:
Specific Bequest
Your will may stipulate a specific dollar amount or a specific asset from your estate, such as stocks, bonds, real estate, art, mutual fund shares, etc.
Residuary Bequest
This bequest directs that either all or a percentage of your estate's residue (i.e. what's remaining after the other terms of your will have been satisfied) be paid to the San Jose Cathedral Foundation.
Contingent Bequest
This option designates that the San Jose Cathedral Foundation receives all or a portion of your estate dependent upon a specific condition. For example, you might state that the San Jose Cathedral Foundation is to receive the residue of your estate only if you outlive your primary heirs. A contingent bequest protects the estate from litigation or distribution to unintended parties.
Restricted Bequest
You may wish to restrict your bequest for a specific purpose or to support a particular program or area of interest.
Bequests provide you with a number of avenues for charitable giving, though each avenue delivers you to the same destination: a legacy that commemorates your life.
Examples
Here are some examples of how a gift by will to the San Jose Cathedral Foundation might be worded. These examples can be adapted to suit your individual needs. Please consult with your estate planner for additional guidance.
"I give, devise, and bequeath to the San Jose Cathedral Foundation, Tax ID# 77-0208232, for its general purposes (or state designated purpose) all (or state fraction or percentage) of the rest, residue, and remainder of my estate, both real or personal. The San Jose Cathedral Foundation may be contacted in care of the Executive Director, 80 South Market Street, San Jose, CA 95113."
OR
"I give, devise, and bequeath to the San Jose Cathedral Foundation, Tax ID# 77-0208232, the sum of $_________ to be used for the general purposes (or state designated purpose) of the Foundation. The San Jose Cathedral Foundation may be contacted in care of the Executive Director, 80 South Market Street, San Jose, CA 95113."
Please note that these are merely suggestions as to content and should be written or adapted by legal counsel to fit the contributor's individual situation.
For more information regarding bequests or other planned gifts, contact Linda Melchiori Eisenberg at (408) 283-8100, ext. 2208.
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