Bequests – Making a Gift through Your Will

Making out a will is the best way to provide for the future security and well being of those you care about.  In addition, through a carefully-written will you can ensure that the distribution of your property and possessions  will be a lasting expression of your life and values.  By following the three simple steps listed below you can gain the peace of mind and personal satisfaction a thoughtful will provides.

1. Carefully consider what you want to accomplish through your will, consulting with trusted advisors;
2. Rely on an attorney to ensu4re your will is properly drafted, signed and witnessed as required by state law;
3. Store your will in a safe place and review it periodically to updated it for changes in your family’s needs and your personal goals.

Once you have fulfilled your personal obligations, there are several different ways you can make a charitable bequest to help ensure that Wellspring’s mission of education , enterprise and hospitality will continue to thrive on Cape Ann.

A General Bequest

With this type of bequest you simply leave a specified dollar amount to Wellspring.  You may prefer this bequest option because it is considered a ‘primary’ charge against your estate, which means it almost certainly will be fulfilled.

Example:

“I bequest the sum of [dollar amount] to Wellspring House Inc, 302 Essex Avenue, Gloucester, MA 01930 to be used for its general charitable purposes.”

A Residuary Bequest

With this bequest all or a portion of whatever remains of your estate after all debts, taxes, expenses and other bequests have been paid is left to Wellspring.  In this case we would be a secondary beneficiary of your estate, a bequest satisfied only after all other estate obligations have been met.

Example:

“I bequest the rest, residue and remainder of my estate to Wellspring House, Inc., 302 Essex Avenue, Gloucester, MA  01930 to be used for its general charitable purposes.”

A Percentage Bequest

This is a good way to distribute your estate when you don’t know what the exact size of it will be.  If the size of your estate changes over the years, the bequest left to Wellspring will change as well.

Example:

"I bequeath [percent] of the remainder of my estate to Wellspring House, Inc., 302 Essex Avenue, Gloucester, MA  01930 to be used for its general charitable purposes.”

A Specific Bequest

With this bequest you leave specific property (for instance a vacation home, shares of stock or art collection, etc.) to Wellspring.  A specific bequest can only be satisfied by the exact property.  If that property has been sold or otherwise removed from your estate, there is no bequest made.

Example:

"I bequeath [the property to Wellspring House, Inc., 302 Essex Avenue, Gloucester, MA  01930 for its general charitable purposes.”

A Contingent Bequest

When writing your will, it is important to provide for circumstances that may prevent a bequest from being carried out.  For instance, your intended beneficiary might predecease you or refuse the bequest.  By naming Wellspring House as the contingent beneficiary, you will ensure that the bequest passes to an intended, rather than an unintended beneficiary.

Example:

"If [name of beneficiary] predeceases me or disclaims any interest in [the property], I give such property to Wellspring House, Inc., 302 Essex Avenue, Gloucester, MA  01930 for its general charitable purposes.”

Planned Giving - CONTACT
    Paula Flynn, Planned Giving Coordinator at 978-281-3558 x 325, fax: 978-281-6092