A bequest is the most traditional way to provide for the future work of Servite High School. With a gift through your will or living trust, you retain full use of your gift during your life. There are several common forms of charitable bequests:
General Bequest – specifies that Servite High School will receive a designated sum. For example: You decide to leave $50,000 to Servite High School.
Percentage Bequest- provides that a predetermined percentage of your estate will go to Servite High School. For example: By leaving 10% of your estate to Servite High School, your estate is not obligated to make the charitable bequest in the event of catastrophic estate losses.
Specific Bequest – allows you to designate particular property, such as furniture, paintings, stocks, or real estate, to go to Servite High School.
Residuary Bequest – directs that everything remaining in your estate after all general bequests, specific bequests and costs have been paid, will go to Servite High School.
Contingent Bequest – takes place only if a specific event occurs (or does not occur). For example: You can name Servite High School as a beneficiary of your will that is contingent upon a certain family member not being alive at the time of your death.