about bequests
Through a bequest in your will, living trust, or with a codicil, you can make a meaningful gift to Pace Academy, ensuring that it will continue fulfilling its mission to create prepared and confident citizens of the world for generations to come. One significant benefit of making a gift by bequest is that that you are able to continue to use the property you will leave to charity during your lifetime. A bequest also allows you to leave a lasting legacy— making an impact that may be greater than you could have made during your lifetime.
There are a number of ways you can make a bequest to Pace.
To make a bequest, you should speak with your attorney who can help you include a bequest to Pace in your estate plan. We have provided some basic bequest wording to assist you and your attorney.
1. Specific Bequest
If you are considering making an outright bequest to Pace, we recommend the following language:
If you are considering making a bequest of a percentage of your estate to Pace Academy, we recommend the following language:
If you are considering a bequest but would like to ensure that your bequest will be used for a specific purpose, please let us know. We would be happy to work with you and your attorney to help you identify ways to give and meet your charitable objectives. We will also work with you and your attorney to craft language to accomplish your goals.
If you are making a restricted bequest, we recommend that your attorney include the following provision to give Pace Academy flexibility should it no longer be possible for our Pace Academy to use your gift as you originally intended:
Please contact us if you have any questions about how to make a bequest to Pace Academy or to request any additional information that might be helpful to you and your attorney as you consider making a bequest to us.
If you have included a bequest for Pace Academy in your estate plan, please contact us to let us know. We would like to thank you and recognize you as a member of The Castle Circle.
Types of Bequests
There are a number of ways you can make a bequest to Pace.
Specific Bequest. A specific bequest involves making a gift of a specific asset such as real estate, a car, or other property—or a gift for a specific dollar amount. As examples, you might wish to leave your home or to specify a cash amount for Pace.
Percentage Bequest. Another kind of specific bequest involves leaving a predetermined percentage of your overall estate. For example, you may wish to leave 10 percent of your estate to Pace.
Residual Bequest. A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity. For example, you may wish to leave 30 percent of the residue of your estate to Pace.
Contingent Bequest. A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you could leave specific property, such as a vacation home, to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the vacation home will go to Pace.
Percentage Bequest. Another kind of specific bequest involves leaving a predetermined percentage of your overall estate. For example, you may wish to leave 10 percent of your estate to Pace.
Residual Bequest. A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity. For example, you may wish to leave 30 percent of the residue of your estate to Pace.
Contingent Bequest. A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you could leave specific property, such as a vacation home, to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the vacation home will go to Pace.
Bequest Benefits
A bequest is generally a revocable gift, which means it can be changed or modified at any time. You can choose to designate that a bequest be used for a general or for a specific purpose, giving you peace of mind that your gift will be used as intended. Bequests are exempt from federal estate taxes. If you have a taxable estate, the estate tax charitable deduction may offset or eliminate estate taxes, resulting in a larger inheritance for your heirs.
suggested Bequest Wording
To make a bequest, you should speak with your attorney who can help you include a bequest to Pace in your estate plan. We have provided some basic bequest wording to assist you and your attorney.
1. Specific Bequest
If you are considering making an outright bequest to Pace, we recommend the following language:
Bequest of a Specific Dollar Amount
I hereby give, devise and bequeath _________ and No/100 dollars ($DOLLARS) to Pace Academy, a nonprofit organization located at 966 West Paces Ferry Rd., NW, Atlanta, GA, 30327, Federal Tax ID #58-0706812, for Pace Academy's general use and purpose.
Bequest of Specific Personal Property
I hereby give, devise and bequeath DESCRIPTION OF PROPERTY to Pace Academy, a nonprofit organization located at 966 West Paces Ferry Rd., NW, Atlanta, GA, 30327, Federal Tax ID #58-0706812, for Pace Academy's general use and purpose.
Bequest of Specific Real Estate
I hereby give, devise and bequeath all of the right, title and interest in and to the real estate located at ADDRESS OR DESCRIPTION OF PROPERTY to Pace Academy, a nonprofit organization located at 966 West Paces Ferry Rd., NW, Atlanta, GA, 30327, Federal Tax ID #58-0706812, for Pace Academy's general use and purpose.
2. Percentage BequestI hereby give, devise and bequeath _________ and No/100 dollars ($DOLLARS) to Pace Academy, a nonprofit organization located at 966 West Paces Ferry Rd., NW, Atlanta, GA, 30327, Federal Tax ID #58-0706812, for Pace Academy's general use and purpose.
Bequest of Specific Personal Property
I hereby give, devise and bequeath DESCRIPTION OF PROPERTY to Pace Academy, a nonprofit organization located at 966 West Paces Ferry Rd., NW, Atlanta, GA, 30327, Federal Tax ID #58-0706812, for Pace Academy's general use and purpose.
Bequest of Specific Real Estate
I hereby give, devise and bequeath all of the right, title and interest in and to the real estate located at ADDRESS OR DESCRIPTION OF PROPERTY to Pace Academy, a nonprofit organization located at 966 West Paces Ferry Rd., NW, Atlanta, GA, 30327, Federal Tax ID #58-0706812, for Pace Academy's general use and purpose.
If you are considering making a bequest of a percentage of your estate to Pace Academy, we recommend the following language:
I hereby give, devise and bequeath ____ percent (___%) of my total estate, determined as of the date of my death, to Pace Academy, a nonprofit organization located at 966 West Paces Ferry Rd., NW, Atlanta, GA, 30327, Federal Tax ID #58-0706812, for Pace Academy's general use and purpose.
3. Residual BequestI hereby give, devise and bequeath to Pace Academy, a nonprofit organization located at 966 West Paces Ferry Rd., NW, Atlanta, GA, 30327, Federal Tax ID #58-0706812, ALL OR A PERCENTAGE of the rest, residue and remainder of my estate to be used for Pace Academy's general use and purpose.
4. Contingent BequestIf (primary beneficiary) does not survive me, then I hereby give, devise and bequeath to Pace Academy, a nonprofit organization located at 966 West Paces Ferry Rd., NW, Atlanta, GA, 30327, Federal Tax ID #58-0706812, DESCRIPTION OF PROPERTY to be used for Pace Academy's general use and purpose.
Restricted Bequests
If you are considering a bequest but would like to ensure that your bequest will be used for a specific purpose, please let us know. We would be happy to work with you and your attorney to help you identify ways to give and meet your charitable objectives. We will also work with you and your attorney to craft language to accomplish your goals.
If you are making a restricted bequest, we recommend that your attorney include the following provision to give Pace Academy flexibility should it no longer be possible for our Pace Academy to use your gift as you originally intended:
If, in the judgment of the Board of Directors of Pace Academy, it shall become impossible for Pace Academy to use this bequest to accomplish the specific purposes of this bequest, Pace Academy may use the income and principal of this gift for such purpose or purposes as the Board determines is most closely related to the restricted purpose of my bequest.
Contact Us
Please contact us if you have any questions about how to make a bequest to Pace Academy or to request any additional information that might be helpful to you and your attorney as you consider making a bequest to us.
If you have included a bequest for Pace Academy in your estate plan, please contact us to let us know. We would like to thank you and recognize you as a member of The Castle Circle.