Bequests

What is a Bequest?

A charitable bequest is simply a distribution from your estate to the CHRISTUS Stehlin Foundation through your Will or Revocable Living Trust. A charitable bequest provision can be easily added to your Will, but you must use very specific language to indicate your intent.

Do I have an Estate?

Your estate includes all of your assets, including property you own, insurance policies, investments and retirement accounts, cash, etc. Even people who aren’t wealthy often have the resources to make a charitable bequest.

Types of Bequests

The most common types of bequests are as follows:

• Specific bequests are legacies left to the people and charities you designate that come from the value of your estate. The bequest may specify a dollar amount, a specific asset, or a percentage of your estate’s value at your death. These bequests often indicate that the bequest be used for a designated purpose (e.g., for use in drug development, to establish a permanent endowment in the name of my parents Mary and Joe Smith, etc.).
• Residuary bequests are made after all of the other terms of your Will have been satisfied, and typically involve all or a set percentage of your remaining assets.
• Contingent bequests take effect only if your primary beneficiary is no longer living at your death. For example, you may stipulate that 10% of your estate will go to your brother. However, if your brother is deceased at the time of your death, then that 10% becomes a gift to the Stehlin Foundation.

Examples of Bequest Language

• Specific bequest: “I give, devise, and bequeath (dollar amount or description of property to be donated) to CHRISTUS Stehlin Foundation for Cancer Research, or its successor organization, a nonprofit corporation as described in section 170(c) of the Internal Revenue Code and currently located at 10301 Stella Link Road, Suite A, Houston, Texas 77025, to be used for cancer research.”
• Residuary bequest: “I give, devise, and bequeath (insert percentage) of all the rest, residue, and remainder of my estate to CHRISTUS Stehlin Foundation for Cancer Research, or its successor organization, a nonprofit corporation as described in section 170(c) of the Internal Revenue Code and currently located at 10301 Stella Link Road, Suite A, Houston, Texas 77025, to be used for its benefit.”
• Contingent bequest:  “If (name of primary beneficiary) does not survive me, or shall die during the administration of my estate, or as a result of a common disaster, I then give to CHRISTUS Stehlin Foundation for Cancer Research, or its successor organization, a nonprofit corporation as described in section 170(c) of the Internal Revenue Code and currently located at 10301 Stella Link Road, Suite A, Houston, Texas 77025, all the rest, residue, and remainder of my estate to be used for its benefit.”
• If your gift contains restrictions as to its use: “In the event the purposes of the restriction, in the opinion of the Board of Trustees of CHRISTUS Stehlin Foundation for Cancer Research (Foundation) can no longer be served, the Board may devote any remaining assets exclusively for charitable purposes that: (a) are within the scope of the charitable purposes of the Foundation, (b) most nearly approximate the original purpose of the gift, and (c) benefits the Foundation.”

Multiple Benefits

• You can provide today for a future gift to the foundation
• You remain in control of your assets throughout your lifetime
• You can modify your bequest if your circumstances change
• There is no upper limit on the amount of estate tax deductions that can be taken for charitable bequests (currently)
• Through a specific or restricted bequest, you can ensure your gift is used as you intended

More Information

If you wish to devise a gift through your Will, please give careful thought to the different bequest methods. A good estate plan frequently involves a combination of bequest types. For more information, please consult your estate planning attorney and financial advisors. You also are welcome to contact the Foundation’s development office by email or phone (713) 659-1336 for assistance.