Types of Bequests & How to Include Them in Your Will
From the founding of YIVO to today, many members and friends have demonstrated their commitment to YIVO by supporting the Institute in their wills. Bequests have ranged from small to large, but have one thing in common: each has been used to help ensure YIVO's financial ability to continue its work.
A bequest is a gift made by a provision in your will. The full value of a bequest to YIVO may be deducted against Federal estate tax without limitation.
The simplest and most common kind of bequest for the benefit of the YIVO Institute is an unrestricted bequest for general purposes. Because the gift can be used at the discretion of the Board of Directors and administration for YIVO's most pressing needs—which can change over time—this type of bequest is the most useful to YIVO.
In making the bequest, it is advisable to use YIVO's official name as a tax-exempt, nonprofit institution: The YIVO Institute for Jewish Research, Inc.
The following language is suggested for use in making an unrestricted bequest:
I give and bequeath [cash amount or description of property] to the YIVO Institute for Jewish Research, Inc. for its general purposes.
If you wish to make a bequest for a specific purpose or project, it is recommended that you add the following language to any restriction you place on the use of your bequest:
If at any time in the judgment of the Board of Directors of the YIVO Institute for Jewish Research, Inc. it is no longer practicable to use this bequest for the purpose stated herein, I authorize them to use it for any purpose they deem to be consistent with such purpose.
Bequests may consist of various kinds of property, including cash, securities, real estate, or personal property such as jewelry or valuable artifacts. A specific bequest is a gift of a stated amount of cash or a particular piece of property:
I give and bequeath the sum of $_______ to the YIVO Institute for Jewish Research, Inc.
I give and devise to the YIVO Institute for Jewish Research, Inc. all right, title, and interest owned by me at the time of my death in the land and buildings situated at ___________.
A residuary bequest is a gift of all or part of property remaining in your estate after the payment of debts, taxes, administrative fees, and specific bequests to other beneficiaries have been distributed:
I give, devise, and bequeath to the YIVO Institute for Jewish Research, Inc. all the rest, residue, and remainder of my estate.
A contingent bequest is a gift which goes into effect only if the primary beneficiary (or beneficiaries) of the bequest should predecease you:
If neither my husband/wife nor any descendant of mine survives me, then I give, devise, and bequeath all the rest, remainder, and residue of my estate to the YIVO Institute for Jewish Research, Inc.
You may also establish a trust under your will for the benefit of YIVO.
Note: To ensure that your will is legally valid and effective, it is advisable to consult with your attorney in its preparation.
Lorri Greif, CFRE, YIVO Planned Giving Officer, is available to discuss YIVO's programs and needs with you and to help you plan your gift. You can reach her at 212-294-8301, ext. 6108 or firstname.lastname@example.org.