Charitable Bequests
The MBL benefits enormously from charitable bequests that are received from those who choose to take this approach of making an investment in the Laboratory’s future. Fellowships and scholarships have been funded, gifted scientists have been recruited, laboratories have been modernized and new research programs launched -- advancements all reinforced in some measure by charitable bequests.
What is a Charitable Bequest?
In general, a charitable bequest is a written statement in a will which directs that a gift be made to a charitable organization upon the death of the person who established the will. The bequest may be made unrestricted or for a particular purpose. It can specify whether the funds may be currently expended or whether a permanent endowment is to be created (with only the income to be used on an annual basis).
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A. Kristine Johnson
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Three most common types of Bequests:
Specific Bequests
A specific bequest bequeaths a certain dollar amount or certain other property (such as stocks, bonds, real estate or other assets). This is the most popular form of bequest.
Percentage Bequest
A percentage bequest devises a set percentage, i.e., 5% of the value of the estate. In this case, as an estate grows during one’s lifetime, so does the percentage bequest. This technique also protects a donor’s heirs should his/her estate decrease in value.
Residual Bequest
A residual bequest bequeaths assets that remain after all other specific bequests, death taxes and estate expenses have been satisfied. In some instances, this approach may result in a smaller bequest for a charity, but often the opposite occurs since most estates grow in value over time.
A word of caution: Donors should always seek professional legal advice in the preparation of a will and secure counsel on all estate planning issues.
Kristine Johnson, the MBL’s Director of Special Gifts and Planned Giving is available to explain the various ways one can make a charitable bequest. Kristine’s office is in Candle House and she can be contacted at 508-289-7766 or via e-mail at kjohnson@mbl.edu.
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