Make a bequest today

A bequest is a great way to make a statement about your values and to support your community at Friends House without worrying that you might outlive your resources, because your assets remain in your control throughout your lifetime. You can modify your intention at any time, for any reason. If you notify the Development Office of your intention, it will allow us to discuss with you how you want the gift to be utilized, and it will give us the opportunity to say thank you. If you already have a will, you can simply add a codicil. If you have any questions, contact Patty Reed.

I. General bequest. A general bequest is one of the more popular ways to make a charitable gift by will. You simply leave a specified dollar amount to a designated charity.

II. Specific bequest. A specific bequest is another popular type of charitable bequest. With this bequest, you stipulate that a charity receives a specific piece of property.

Example: I give and bequeath DESCRIPTION OF PROPERTY (e.g., my residence at 123 Main Street, Ocean City, Maryland) to Friends House, Inc., currently located at 17340 Quaker Lane, Sandy Spring, MD 20860, a nonprofit corporation established under the laws of the State of Maryland, to be used for its exempt purposes.

III. Residuary bequest. A residuary bequest is used to give a charitable organization all of an estate owner’s property after all debts, taxes, expenses and other bequests have been paid.

Example: I give and bequeath the rest, residue and remainder of my estate to Friends House, Inc., currently located at 17340 Quaker Lane, Sandy Spring, MD 20860, a nonprofit corporation established under the laws of the State of Maryland, to be used for its exempt purposes.

IV. Percentage bequest. A bequest can be expressed as a percentage of the residuary of the estate.

Example: I give and bequeath THE DESIRED PERCENTAGE OF the rest, residue and remainder of my estate to Friends House, Inc., currently located at 17340 Quaker Lane, Sandy Spring, MD 20860, a nonprofit corporation established under the laws of the State of Maryland, to be used for its exempt purposes.

V. Contingent bequest. When writing your will, trust, or other estate-planning instrument, you may wish to consider planning for the situation in which the beneficiary of a bequest dies before you or disclaims the property. In anticipation of such an occurrence, you may name Friends House Retirement Community as the alternate or contingent beneficiary. A contingent bequest ensures that the property will pass to the designated charity rather than to unintended beneficiaries.

Example: If NAME OF BENEFICIARY predeceases me or disclaims any interest in DESCRIPTION OF PROPERTY, I give and bequeath such property to the Friends House, Inc., currently located at 17340 Quaker Lane, Sandy Spring, MD 20860, a nonprofit corporation established under the laws of the State of Maryland, to be used for its exempt purposes.

VI. Restricted bequest. The samples of bequest provisions suggested are designed to provide unrestricted gifts. You may, however, prefer to restrict your bequest to a specific purpose. For instance, if you wish to memorialize a family member or an honored colleague, you can establish a named fund that will provide support for a program in which you (or the honored person) are particularly interested.

A restricted bequest should usually be made in the broadest possible terms consistent with your philanthropic interests. Some donors may wish to restrict their gifts to a building and maintenance fund, understanding that a reliable cash flow will help to keep entrance fees and monthly expenses affordable for current and future Friends House residents. Some donors prefer to restrict their gifts to the endowment of the Residents’ Assistance Fund, thereby ensuring a reliable source of financial support for low-income residents in perpetuity.

Example: I give and bequeath DOLLAR AMOUNT to Friends House, Inc., currently located at 17340 Quaker Lane, Sandy Spring, MD 20860, a nonprofit corporation established under the laws of the State of Maryland. This gift shall be held as a permanent endowment to be known as the PERSON’S NAME fund, only the income of which may be used to support the EXEMPT PURPOSE FOR WHICH THE GIFT IS TO BE USED. If the Executive Director and Trustees of Friends House, Inc. determine that it is not feasible or economical to use the income of the fund for the purpose stated above, the income of the fund may be used for such exempt purposes of Friends House Retirement Community as the Executive Director and Trustees direct.