A bequest is a gift made to The Bisbee Foundation as part of a donor’s will. It is one of the most significant and lasting contributions you can make. It ensures that our organization receives continued support to build a better Bisbee.

 

We can only receive a legacy gift after a donor has passed. In their will, the donor must leave explicit instructions on how the bequest will be handed over to our Foundation. This gift could include specific monetary assets, property, or a percentage of the estate. In many cases, the asset bequeathed may be sold, and the proceeds from the sale will be given to the stated nonprofit organization.

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Difference between a will and a bequest.

A bequest is a transfer of one’s tangible assets to an organization after their death. The content of the will dictates what is bequeathed to the designated beneficiary. This means a will is all-encompassing as it lists assets or properties an individual owned, including the items to be bequeathed, and details how each asset should be distributed. 

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When bequeathing assets from a person to the Bisbee Foundation there are several forms or specifications.

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A general bequest most often are monetary assets assigned to The Bisbee Foundation in a donor’s will. The value may fluctuate over time depending on the donor’s estate at the time of death.

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A specific bequest refers to, in cases where the specific bequest is listed as cash, the precise source from where the gift would come must be explicitly stated.

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A residuary bequest involves allocating what is left over after all expenses, debts, other bequests, and taxes incurred by the donor’s estate have been settled. This residuary bequest is most commonly received by nonprofit organizations.

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A percentage bequest refers to the distribution of the donor’s estate among the beneficiaries in proportion or percentages rather than a specific monetary value. It is useful to ensure the estate is fairly distributed amongst beneficiaries. 

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We have provided a form for those contemplating a bequest.

 

 

CHARITABLE BEQUEST

 

Legal Name

The legal name to use in designating a gift in your estate plans to The Bisbee Foundation is: The Bisbee Foundation

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Tax Exempt Status

The Bisbee Foundation is a 50l(c)(3) non-profit organization. Our Federal Tax Identification Number is EIN (Tax ID) #860560258

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Sample Language for Charitable Bequests

The following includes several examples of suggested bequest wording to use in your documents. Each individual situation is unique and, therefore, these examples include only some of the possible gift opportunities. You should consult your attorney about the wording of your bequest.

                 

GENERAL BEQUEST

I give and bequeath to The Bisbee Foundation, (Fed. Tax ID #860560258), PO Drawer, BK, Bisbee AZ, 85603 , the sum of

 $___________ to be used for it's general purposes.

 

SPECIFIC BEQUEST

I give and bequeath to The Bisbee Foundation, (Fed. Tax ID #860560258), PO Drawer, BK, Bisbee AZ, 85603 , the sum of

 $___________ taken from this specific account ______________ to be used for it's general purposes.

 

PERCENTAGE BEQUEST

I give and bequeath to The Bisbee Foundation, (Fed. Tax ID #860560258), PO Drawer, BK, Bisbee AZ, 85603 _______% of my estate to be used for its general purposes.

 

RESIDUARY BEQUEST

I give and bequeath to The Bisbee Foundation, (Fed. Tax ID #860560258), PO Drawer, BK, Bisbee AZ, 85603, the rest, residue and remainder of my estate to be used for its general purposes.

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