Giving Through Your Will
Consider Leaving a Lasting Legacy to Cobscook Institute!
An excellent way for you to support Cobscook Institute’s mission is to leave us a bequest in your will or living trust.
Types of Bequests
There are a number of ways you can make a bequest to Cobscook Institute:
Specific Bequest. A specific bequest involves making a gift of a specific asset such as real estate or other valuable property or a gift for a specific dollar amount. For example, you may wish to leave your home or $10,000 to Cobscook Institute.
Percentage Bequest. Another kind of bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to Cobscook Institute.
Residual Bequest. A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity. For example, you may wish to leave 30% of the residue of your estate to Cobscook Institute.
Contingent Bequest. A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you could leave specific property, such as a vacation home, to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the vacation home will go to Cobscook Institute.
Bequest Benefits
A bequest is generally a revocable gift, which means it can be revoked or modified at any time that you are still alive. You can choose to designate that a bequest be used for a general or specific purpose so you have the peace of mind knowing that your gift will be used as intended. Bequests are deductible from federal and most state estate taxes, resulting in a lower estate tax liability if you have a taxable estate.
Bequest Language
In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to Cobscook Institute in your estate plan.
Here is some basic bequest language to assist you and your attorney.
1. Specific Bequest
If you are considering making an outright bequest to Cobscook Institute, we recommend the following language:
Bequest of a Specific Dollar Amount
I hereby give, devise and bequeath _________ and No/100 dollars ($DOLLARS) to Cobscook Institute, a nonprofit organization located at 10 Commissary Point Road, Trescott, ME, 04652, Federal EIN # 01-0449348, for the Cobscook Institute’s general use and purpose.
Bequest of Specific Personal Property
I hereby give, devise and bequeath DESCRIPTION OF PROPERTY to Cobscook Institute, a nonprofit organization located at 10 Commissary Point Road, Trescott, ME, 04652, Federal EIN # 01-0449348, for the Cobscook Institute’s general use and purpose.
(Note: We strongly encourage that you speak with us ahead of time before making a bequest of specific personal property, as we are not able to accept all forms of such gifts.)
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 ADDRESS OR DESCRIPTION OF PROPERTY to Cobscook Institute, a nonprofit organization located at 10 Commissary Point Road, Trescott, ME, 04652, Federal EIN # 01-0449348 , for the Cobscook Institute’s general use and purpose.
2. Percentage Bequest
If you are considering making a bequest of a percentage of your estate to Cobscook Institute, 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 Cobscook Institute, a nonprofit organization located at 10 Commissary Point Road, Trescott, ME, 04652, Federal EIN # 01-0449348, for Cobscook Institute’s general use and purpose.
3. Residual Bequest
I hereby give, devise and bequeath to Cobscook Institute, a nonprofit organization located at 10 Commissary Point Road, Trescott, ME, 04652, Federal EIN # 01-0449348 ALL OR A PERCENTAGE of the rest, residue and remainder of my estate to be used for Cobscook Institute’s general use and purpose.
4. Contingent Bequest
If (primary beneficiary) does not survive me, then I hereby give, devise and bequeath to Cobscook Institute, a nonprofit organization located at 10 Commissary Point Road, Trescott, ME, 04652, Federal EIN # 01-0449348, DESCRIPTION OF PROPERTY to be used for Cobscook Institute’s general use and purpose.
Restricted Bequests
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.
If you are making a restricted bequest, we recommend that your attorney include the following provision to Cobscook Institute flexibility should it no longer be possible for Cobscook Institute to use your gift as you originally intended:
If, in the judgment of the Board of Directors of Cobscook Institute, it shall become impossible for Cobscook Institute to use this bequest to accomplish the specific purposes of this bequest, Cobscook Institute 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.
Contact Us
Please contact us if you have any questions about how to make a bequest to Cobscook Institute or to request any additional information that might be helpful to you and your attorney as you consider making a bequest to us.
If you have already included a bequest for Cobscook Institute in your estate plan, please contact us to let us know. We would like to thank you and recognize you for your gift!
Please contact us by calling (207) 255-7566 or by using the form below.