A charitable bequest is simply a distribution from your estate to a charitable organization through your last will and testament. There are different kinds of bequests. For each, you must use very specific language to indicate the precise direction of your assets, and to successfully carry out your final wishes.
A bequest is a gift to Chase the Music through your will that indicates your desire to leave something of value to Chase the Music for its future work. A charitable bequest can be a specific dollar amount, a percentage of the value of your total estate or a gift of stock, life insurance or real estate. We welcome gifts of all types and promise to put your gift to the best use possible.
General Bequests are legacies left to Chase the Music that come from the general value of the estate, and are made by designating a specific dollar amount, a particular asset or a fixed percentage of your estate to the cause of your choice.
General bequest language:
“I give, devise, and bequeath to Chase the Music/Lyons, CO, tax ID #45-5137624, the sum of $________(or a description of the specific asset), for the benefit of Chase the Music and its general purposes.”
Specific Bequests are made when a particular item or property is bequeathed for a designated purpose. (i.e., instruments bequeathed to the local school district for use in music education; dollar funds to be used in the operation of a school or church.)
Specific bequest language:
“I give, devise, and bequeath to Chase the Music/Lyons, CO, tax ID #45-5137624, the sum of $_______ (or a description of a specific asset), for the benefit of Chase the Music to be used for the following purpose: (state the purpose). If at any time in the judgment of the trustees of Chase the Music it is impossible or impracticable to carry out exactly the designated purpose, they shall determine an alternative purpose closest to the designated purpose.”
Residuary Bequests are made when you intend to leave the residue portion of your assets after other terms of the will have been satisfied.
Residuary bequest language:
“All the rest, residue, and remainder of my estate, both real and personal, I give to Chase the Music/Lyons, CO, tax ID #45-5137624, for its general purposes.”
Contingency Bequests allow you to leave a portion of your estate to a particular charity if your named beneficiary does not survive you.
Contingency bequest language:
“I devise and bequeath the residue of the property, real and personal and wherever situated, owned by me at my death, to (name of beneficiary), if (she/he) survives me. If (name of beneficiary) does not survive me, I devise and bequeath my residuary estate to Chase the Music/Lyons, CO, tax ID #45-5137624, for its general purposes.”
Thank you for your generous support and may you always “Chase the Music”.