Types of Bequests

• Specific Bequest

  • Leave a particular asset (e.g., real estate, personal property) or a specific dollar amount to the Foundation.

  • Example: “I bequeath $10,000 to the Greater Cabarrus Foundation.”

• Percentage Bequest

  • Designate a fixed percentage of your estate.

  • Example: “I bequeath 10% of my estate to the Greater Cabarrus Foundation.”

• Residual Bequest

  • Donate what remains of your estate after all other obligations have been fulfilled.

  • Example: “I bequeath the remainder of my estate to the Greater Cabarrus Foundation.”

• Contingent Bequest

  • Provide a gift to the Foundation only if another beneficiary is unable to receive it.

  • Example: “If my niece does not survive me, I bequeath my vacation home to the Greater Cabarrus Foundation.”

Suggested Bequest Language

• Specific Bequest of Cash

  • “I hereby give, devise and bequeath $_________ to the Greater Cabarrus Foundation…”

• Percentage Bequest

  • “I hereby give, devise and bequeath ______% of my estate to the Greater Cabarrus Foundation…”

• Residual Bequest

  • “I hereby give, devise and bequeath to the Greater Cabarrus Foundation all [or ___%] of the rest, residue, and remainder of my estate…”

• Contingent Bequest

  • “If (primary beneficiary) does not survive me, then I give (property or amount) to the Greater Cabarrus Foundation…”

Planning for a Purpose

We encourage donors to work with an attorney or financial advisor to complete a Letter of Understanding outlining the intended purpose of their bequest. This helps ensure your legacy is honored exactly as you envision and gives us the ability to steward your gift responsibly.

If you wish to make a restricted bequest (designated for a specific use), we can help you and your attorney draft language that preserves your intent, even if circumstances change.