Bequests to GEC may be specific, residual or contingent. A “specific bequest” refers to the donation of a specified amount of money or property to GEC. A “residual bequest” refers to the donation of all or part of the remainder of your estate after all other beneficiaries under your Will, debts and expenses have been paid. A “contingent bequest” refers to the donation of all or part of your estate to GEC only if one or more named beneficiaries predecease you.
Sample language for a “specific bequest”: “I give and bequeath the sum of $____ (or “____% of my estate”; or “the property described herein”) to the Gargiulo Education Center, a 501(c)(3) not-for-profit corporation located in Naples, Florida.”
Sample language for a “residual bequest”: “I give, bequeath, and devise all [or “____% of] the rest, residue and remainder of my estate, both real and personal, wherever situated, which I may own or be entitled to at my death, to Gargiulo Education Center, a 501(c)(3) not-for-profit corporation located in Naples, Florida.”
Sample language for “contingent bequest”: “If any of the foregoing bequests shall lapse, then I give, bequeath and devise such lapsed bequests to Gargiulo Education Center, a 501(c)(3) not-for-profit corporation located in Naples, Florida.”
All of the foregoing sample provisions can also be incorporated into a “living trust” (also known as a revocable trust).