To make a bequest to Mid-Coast Family Services, Inc., the following language will be helpful to your lawyer:
I give, devise, and bequeath to Mid-Coast Family Services, Inc. the sum of _____________ (or otherwise describe the gift or specify a percentage of the estate).
There are three ways you can make a bequest:
- Specific Bequest: You designate a specific dollar amount, specific percentage, or specific property to Mid-Coast Family Services, Inc.
- Residual Bequest: Your estate will pay all debts, taxes, expenses, and specific bequests. The remaining amount — the residual — will be transferred to Mid-Coast Family Services, Inc.
- Contingent Bequest: You can ask that Mid-Coast Family Services, Inc. receive all or a portion of your estate only under certain circumstances. For example, you can name Mid-Coast Family Services, Inc. as a beneficiary of your estate only if there are no surviving close family members. Childless couples sometimes provide for the entire estate to go to the surviving spouse, or if the spouse does not survive, to Mid-Coast Family Services, Inc.
We make no claims regarding the accuracy of the above information or the tax consequences stemming from your use of it. Please consult with your own tax, legal, or financial planning advisor.