What is a bequest?
There are two common types of bequests:
- Specific Bequest. Donor gives a specific amount or asset such as cash, stock, or real estate upon death.
- Residuary Bequest. Donor gives all or a portion of his/her remaining estate after estate-related expenses and specific bequests have been paid.
Keep in mind that most people leave an estate when they die. Charitable gifts from these estates, large and small, can be made simply by naming Thrivent Charitable Impact & Investing in their wills and/or living trusts.
creates a fund. All gifts made to Thrivent Charitable are placed in the donor's charitable fund to benefit the donor's selected charities over time.
- Once we receive the Fund Workbook, we will establish your fund based on information in the workbook including the list of charities the donor wishes to benefit from and govern the administration of the donor’s charitable fund. The donor may change the charitable beneficiaries at any time by contacting Thrivent Charitable.
- Donor updates language in will or living trust. Following are sample provisions that a donor may insert in his or her will or living trust (subject to individual attorneys’ styles and state restrictions):
I give to Thrivent Charitable Impact & Investing, a Minnesota nonprofit corporation, [asset or amount to be gifted], for the benefit of the [insert Charitable Fund name].
I give, bequeath and devise all of the rest, residue, and the remainder of my estate to Thrivent Charitable Impact & Investing, a Minnesota nonprofit corporation, for the benefit of the [insert Charitable Fund name].
If specific charities to be benefited through Thrivent Charitable are listed in the will or living trust, we may not be able to accept the bequest because of limitations imposed upon us as a community foundation, specifically dealing with our variance powers.
- Clients who can’t afford to make a gift now, but wish to benefit charity upon death;
- Clients who wish to benefit charity, but want the option to change their minds down the road;
- Charitably-minded clients who have no heir(s); and
- Clients who wish to benefit an heir(s) with specific gifts, then charity with the remainder of their estates.
- The amount bequeathed to charity is given free of federal estate tax;
- Making a bequest costs the donor nothing during lifetime (except legal fees); and
- Having no will (or revocable living trust) may subject the donor’s property to be distributed according to state law without regard for the donor’s needs or intentions.