You designate a specific dollar amount, specific percentage, or specific property to Warm Beach Camp.
Your estate will pay all debts, taxes, expenses, and specific bequests. The remaining amount - the residue - will be transferred to Warm Beach Camp.
You can ask that Warm Beach Camp receive all or a portion of your estate only under certain circumstances. For example, you can name Warm Beach Camp as a beneficiary of your estate only if there are no surviving close family members. Childless couples sometimes provide for the entire estate to go to the surviving spouse, or if the spouse does not survive, to Warm Beach Camp.
Sample Language for a Bequest:
I give, devise, and bequeath to Warm Beach Christian Camps and Conference Center of Stanwood, Washington the sum of __________ (or otherwise describe the gift or specify a percentage of the estate).
- Assets are transferred to a charitable trust.
- The trustee agrees to pay a fixed or variable income for the remainder of the life of the donor or beneficiary (ies).
- Income tax savings from creating the trust and perhaps some of the trust income can be used to purchase a life insurance policy for you with children or other heirs designated as beneficiaries.
- Upon the donor's death, the assets of the trust go to a designated charity and the death benefit of the life insurance policy to the heirs.