All About Wills and Bequests

Wills & Bequests

When you create a will, you have complete control over how to distribute your assets. But did you know you could make a positive impact through your will by adding a charitable bequest? These gifts give you the chance to support an organization you’ve always cared about long after you pass away. Our guide will walk you through how the process works and how you can make a meaningful difference.

How Does A Bequest Work?

A bequest is a clause you put in your will that sets aside a portion of your assets to an individual, organization, or charity. Once it’s time, your chosen executor will be in charge of distributing them based on what you put in your will. Bequests are flexible, and you have the power to put any conditions or rules you think are appropriate.

The Connection Between Bequests And Wills

Bequests and wills cannot exist without each other. If you don’t have a will, there’s no legal way to enforce bequests, even if they were your final wishes. For this reason, you need to plan your estate ahead of time to ensure whoever is in charge of it has clear directions of what to do. Having one with formal bequests could also help prevent any disputes among family members and those closest to you.

Why Should You Make A Charitable Bequest In Wills?

Charitable bequests you include in your will offer several significant advantages to consider:

• Tax Benefits: Charitable bequests are tax deductible from your estate’s gross value. This factor makes them a good option if you want to reduce your heirs’ tax burden once they collect their part.
• Philanthropic Legacy: Leaving a portion of your estate to charity is a chance to help charities you love and continue supporting their mission after you’re gone.
• Personal Legacy: Doing a charitable bequest will help you stay true to your values. You’ll continue to leave your mark well beyond your lifetime and inspire possibly those closest to you to continue your legacy.

Start Your Bequest Today

Creating a charitable bequest in your will is a step toward creating a profound impact in your community. If you’re ready to make a lasting difference, consider making a charitable bequest to Long Island Cares. Together, we can help feed thousands of families on Long Island and further support our community. Remember, the legacy you choose to leave is a gift that keeps giving long after you’ve passed.