Wills & Bequests
A bequest is a gift of property or funds that you specify in your will to be transferred to The Chicago Lighthouse upon your death. A bequest can take various forms.
- A specific bequest is the simplest and most familiar way to make a bequest to The Chicago Lighthouse in your estate plan. A specific bequest states that The Chicago Lighthouse will receive a designated sum or specific asset (for example, real estate, securities or other property) from your estate.
- A percentage or residuary bequest ensures that The Chicago Lighthouse will receive a fixed share of your estate after taxes, expenses, debts and other specific bequests have been paid. Residuary bequests lessen the impact of inflation on your intended gift to The Lighthouse. They ensure that the proportion of your estate which you are leaving to The Lighthouse is constant, regardless of inflation.
- A contingent bequest is contingent on the occurrence of a condition you designate in your estate plan. For example, you could designate The Chicago Lighthouse as the beneficiary of all or a portion of your estate if all other beneficiaries named in your will predecease (die before) you. You can work with your attorney to draft a contingent bequest that best expresses your wishes.
Recommended Language for a Bequest to The Chicago Lighthouse
The examples below can be helpful if you are considering a bequest to The Chicago Lighthouse. You may wish to provide this suggested language to your attorney when creating or updating your estate plan.
A Specific Bequest
I give (insert dollar amount or specific description of property or asset) to The Chicago Lighthouse, 1850 W. Roosevelt Rd., Chicago, IL 60608, or its lawful successor.
A Percentage Bequest
I give __% of my estate to The Chicago Lighthouse, 1850 W. Roosevelt Rd., Chicago, IL 60608, or its lawful successor.
A Residuary Bequest
I give the residue of my estate to The Chicago Lighthouse, 1850 W. Roosevelt Rd., Chicago, IL 60608, or its lawful successor.
Please note that these examples are samples only and are not intended as legal advice. We recommend you consult with your attorney when reviewing or drafting your estate plans.
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