BEQUESTS

What is a bequest?
A bequest is a gift by will of personal or real property -- a legacy. A will is a legal document by which a person makes a disposition of his or her property to take effect after his or her death, and which by its own nature is ambulatory and revocable during his lifetime. You may name Maryhurst, Inc., in your will to receive a charitable bequest.

How will Maryhurst use my bequest?
You can make either an unrestricted gift, or you can restrict the use of your gift to a specific purpose.

An unrestricted charitable bequest provides funds the charity uses for its general purposes. This type of bequest can be of greatest use to a charity because it allows the charity to determine the areas of greatest need.

Each example also could be restricted to specific uses the donor designates. A restricted charitable bequest permits the charity to use the gift only in a specified manner, for example, for a certain program. The gift may be added to the endowment with income only to be used for the specific purpose. Or, the entire gift may be designated for a specific purpose. It is wise to have any such restriction as broadly defined as possible, which ensures the ability to use the gift as designated will not be frustrated because of changing circumstances. It is best to work with the charity prior to making a bequest limited to a specific use so there is assurance that the charity will be able to comply with the restriction.

If you choose to make a restricted bequest, you may restrict the gift to using income only; or you may restrict the entire gift to be used for a specific purpose only.

Maryhurst, Inc., does not render legal, tax or other professional financial advice. You always should seek advice from an attorney or other professional advisor when considering making a charitable gift. For more information, please contact Judy Lambeth, President & CEO, at 502.245.1576, or Julie Roberts, Vice President for Development & Communications, at 502.271.4520.