Invest in WLRS

An excellent way to support the Wood Lane Residential Services, Inc. (WLRS) Foundation or the WLRS programming that is most important to you is to leave a gift in your will, living trust or with a codicil (supplement to last will and testament). One significant benefit of making a gift by bequest is that it allows you to continue to use the property you will leave to charity during your life.  Another benefit is that you can leave a lasting legacy.

Types of Bequests

There are several ways you can make a bequest to WLRS.

• Specific Bequest: A specific bequest involves making a gift of a specific asset (examples are real estate, an automobile or other property) or a gift for a specific dollar amount. For example, you may wish to leave your home or a monetary gift of $10,000 to WLRS.
• Percentage Bequest: Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to WLRS.
• 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 25% of the residue of your estate to WLRS.
• Contingent Bequest: A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met, for whatever reason. For example, you could leave specific property, such as a second home or 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 second home or vacation home will go to WLRS.

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 specific or general purpose so you have the peace of mind knowing 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.

Bequest Language

In order to make a bequest, you should speak with your attorney. This legal professional can help you include a bequest to WLRS in your estate plan.  We have some “Bequest Language” examples to share, if so desired.  We also have a few trusting partnerships with area Estate Planning Attorneys that we would be honored to share their contact information with you.