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Wills and Bequests
What is a Bequest?
A bequest is a direction, by will, to give personal
property to a particular beneficiary.
Such a gift can be included in the body of a will
or as an amendment (codicil).
What are the types of Bequests? Top
There are three types of bequests: (1) residual;
(2) specific; and, (3) contingent.
- Residual Bequest – The
donor may state that all, or a portion, of the estate be given
to the Charles H. Wright Museum of African American History, after
specific gifts are distributed to other beneficiaries.
- Specific Bequest –
The donor may stipulate that a certain percentage of the estate,
a certain dollar amount, or particular securities or other assets
be given to the Charles H. Wright Museum of African American History
(CHWMAAH).
- Contingent - The donor names
the Museum as the beneficiary of your estate if the others named
in your will are not living at the time of your death.
Why should I make a Bequest? Top
- A bequest allows you to make a substantial
gift to the Museum, even if you do not have the current disposable
income or assets to do so now.
- A bequest offers an easy way to merge your
estate planning needs with your philanthropic wishes.
- An estate-tax charitable deduction may be
available for the full fair-market value of the bequeathed asset.
- A bequest may reduce estate and death taxes,
thereby increasing the size of the estate available for heirs.
- A bequest provides support for the Museum
and helps ensure its ongoing viability.
Sample Bequest Language Top
The following is sample language that you can
include in your will to make a bequest to the Charles H. Wright
Museum of African American History (CHWMAAH). However, the Museum
suggests that you discuss specifics regarding your charitable gifts
with your attorney, tax adviser and/or financial planner.
To Bequeath a Specific Amount: Top
"I hereby give, devise, and bequeath to the
Charles H. Wright Museum of African American History (CHWMAAH, a
nonprofit corporation in Detroit, Michigan, located at 315 E. Warren,
the sum of [$__], for use in (state the purpose for which you wish
your bequest to be used, or indicate 'general purposes')."
To Bequeath a Percentage (Residual): Top
"I hereby give, devise, and bequeath to Charles
H. Wright Museum of African American History (CHWMAAH, a nonprofit
corporation in Detroit, Michigan, located at 315 E. Warren, [__]
percent of my residual estate, both real and personal, for use in
(state the purpose for which you wish your bequest to be used, or
indicate 'general purposes')."
Residuary Bequest for the benefit of CHWMAAH’s
Endowment Fund: Top
"All the rest, residue, and remainder of
my estate, I give, devise and bequeath to the Charles H. Wright
Museum of African American History (CHWMAAH), a nonprofit corporation
in Detroit, Michigan, located at 315 East Warren, to be used by
it in support of its Endowment Fund.”
The Legacy Society Top
The Legacy Society recognizes the generosity
and foresight of those who choose to ensure the success of the Museum’s
future by making a planned gift today. Membership is extended to
donors who remember the Museum in any of the following ways:
- Include CHWMAAH as a beneficiary in his or
her will;
- Name CHWMAAH as an irrevocable beneficiary
of a life income gift (a remainder trust, a gift annuity, or a
lead trust, etc.); or
- Name CHWMAAH as the irrevocable owner and
beneficiary of a life insurance policy or retirement plan.
Legacy Society Membership Benefits Top
To honor their participation, CHWMAAH presents
Legacy Society members with the following benefits:
- Certificate of Membership
- Invitations to participate in members-only
activities
- Donor recognition in the annual report and
quarterly newsletter
- Priority seating at Museum-related special
events
For information about planned gifts or on Legacy Society membership,
please contact Barbara Owens, Chief Development Officer, (313) 494-5852
Donor Bill of Rights Top
Philanthropy is based on voluntary action for
the common good. It is a tradition of giving and sharing that is
primary to the quality of life. To assure that philanthropy merits
the respect and trust of the general public, and that donors and
prospective donors can have full confidence in the not-for-profit
organizations and causes they are asked to support, we declare that
all donors have these rights:
- To be informed of the organization's mission,
of the way the organization intends to use donated resources,
and of its capacity to use donations effectively for their intended
purposes.
- To be informed of the identity of those serving
on the organization's governing board, and to expect the board
to exercise prudent judgment in its stewardship responsibilities.
- To have access to the organization's most
recent financial statements.
- To be assured their gifts will be used for
the purposes for which they were given.
- To receive appropriate acknowledgment and
recognition.
- To be assured that information about their
donations is handled with respect and with confidentiality to
the extent provided by law.
- To expect that all relationships with individuals
representing organizations of interest to the donor will be professional
in nature.
- To be informed whether those seeking donations
are volunteers, employees of the organization or hired solicitors.
- To have the opportunity for their names to
be deleted from mailing lists that an organization may intend
to share.
- To feel free to ask questions when making
a donation and to receive prompt, truthful and forthright answers.
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