Supporting the mission of Baltimore Clayworks with a bequest in your will, living trust or with a codicil (a simple amendment to an existing will) is a wonderful way to leave a lasting impact while using the resources you have today.
Types of Bequests
You can make an impact with one of these bequest types:
- Specific Bequest: Identify a specific asset such as real estate, a car, or other property, or earmark a gift for a specific dollar amount.
- Percentage Bequest: This bequest involves leaving a specific percentage of your overall estate to charity. For example, you could leave 5% of the value of your assets to Baltimore Clayworks.
- Residual Bequest: This bequest gives precedence to other bequests and then designates a percentage of the remaining assets to support Baltimore Clayworks.
- Contingent Bequest. For circumstances where you have designated a bequest which can no longer be met, you can add a contingency that the asset then be gifted to Baltimore Clayworks. For example, you have left an asset to your relative, but that relative is no longer alive at the time of your passing, the asset can then be gifted to Baltimore Clayworks.
Bequest Benefits
Bequests are revocable, meaning that the gift can be altered or changed for any reason you decide. Moreover, you can designate your bequest to support the programs at Baltimore Clayworks that you find the most meaningful and which you would like to see continue long into the future. With the guidance of your financial professional, bequests are exempt from federal estate taxes, and the charitable act may offset the estate tax-liability, resulting in a larger inheritance for your heirs.
Bequest Language
To make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to Baltimore Clayworks in your estate plan. We have provided some basic bequest language to assist you and your attorney.
If you are considering making an outright bequest to Baltimore Clayworks, we recommend the following language:
Bequest of a Specific Dollar Amount
I hereby give, devise and bequeath _(gift amount)__ and No/100 dollars ($(DOLLARS)) to Baltimore Clayworks, a nonprofit organization located at 5707 Smith Avenue, Baltimore, MD 21209, Federal Tax ID #52-1409133, for Baltimore Clayworks’ general use and purpose.
Bequest of Specific Personal Property
I hereby give, devise, and bequeath (DESCRIPTION OF PROPERTY) to Baltimore Clayworks, a nonprofit organization located at 5707 Smith Avenue, Baltimore, MD 21209, Federal Tax ID #52-1409133, for Baltimore Clayworks’ general use and purpose.
Bequest of Specific Real Estate
I hereby give, devise, and bequeath all of the right, title and interest in and to the real estate located at (YOUR ADDRESS OR DESCRIPTION OF PROPERTY) to Baltimore Clayworks, a nonprofit organization located at 5707 Smith Avenue, Baltimore, MD 21209, Federal Tax ID #52-1409133, for Baltimore Clayworks’ general use and purpose.
If you are considering making a bequest of a percentage of your estate to Baltimore Clayworks, we recommend the following language:
I hereby give, devise and bequeath ____ percent (___%) of my total estate, determined as of the date of my death, to Baltimore Clayworks, a nonprofit organization located at 5707 Smith Avenue, Baltimore, MD 21209, Federal Tax ID #52-1409133, for Baltimore Clayworks’ general use and purpose.
I hereby give, devise and bequeath to Baltimore Clayworks, a nonprofit organization located at 5707 Smith Avenue, Baltimore, MD 21209, Federal Tax ID #52-1409133, ALL OR A PERCENTAGE of the rest, residue, and remainder of my estate to be used for Baltimore Clayworks’ general use and purpose.
If (primary beneficiary) does not survive me, then I hereby give, devise and bequeath to Baltimore Clayworks, a nonprofit organization located at 5707 Smith Avenue, Baltimore, MD 21209, Federal Tax ID #52-1409133, DESCRIPTION OF PROPERTY to be used for Baltimore Clayworks’ general use and purpose.
If you are considering a bequest but would like to ensure that your bequest will be used for a specific purpose, please let us know. We would be happy to work with you and your attorney to help you identify ways to give and meet your charitable objectives. We will also work with you and your attorney to craft language to accomplish your goals.
If you are making a restricted bequest, we recommend that your attorney include the following provision to give Baltimore Clayworks flexibility should it no longer be possible for Baltimore Clayworks to use your gift as you originally intended:
If, in the judgment of the Board of Trustees of Baltimore Clayworks, it shall become impossible for Baltimore Clayworks to use this bequest to accomplish the specific purposes of this bequest, Baltimore Clayworks may use the income and principal of this gift for such purpose or purposes as the Board determines is most closely related to the restricted purpose of my bequest.