Yes, you can certainly leave a bequest to Savory Institute as a beneficiary into your will or irrevocable trust. All of the information you may need, including specific language to be included, is found below.
Please email Bobby Gill, Savory's Director of Development and Communications, at bgill@savory.global if you plan to or have already named Savory as a beneficiary so that we may plan accordingly.
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 specific 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. Your attorney can help you include a bequest to Savory Institute in your estate plan. We have provided some basic bequest language to assist you and your attorney.
1. Specific Bequest
If you are considering making an outright bequest to Savory Institute, we recommend the following language:
BEQUEST OF A SPECIFIC DOLLAR AMOUNT
I hereby give, devise and bequeath _________ and No/100 dollars ($DOLLARS) to Savory Institute, a nonprofit organization located at 885 Arapahoe Avenue, Boulder, CO, 80302, Federal Tax ID #45-4134319, for Savory Institute's general use and purpose.
BEQUEST OF SPECIFIC PERSONAL PROPERTY
I hereby give, devise and bequeath DESCRIPTION OF PROPERTY to Savory Institute, a nonprofit organization located at 885 Arapahoe Avenue, Boulder, CO, 80302, Federal Tax ID #45-4134319, for Savory Institute'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 Savory Institute, a nonprofit organization located at 885 Arapahoe Avenue, Boulder, CO, 80302, Federal Tax ID #45-4134319, for Savory Institute's general use and purpose.
2. Percentage Bequest
If you are considering making a bequest of a percentage of your estate to Savory Institute, 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 Savory Institute, a nonprofit organization located at 885 Arapahoe Avenue, Boulder, CO, 80302, Federal Tax ID #45-4134319, for Savory Institute's general use and purpose.
3. Residual Bequest
If you are considering making a bequest of a remainder of your estate to Savory Institute, we recommend the following language:
I hereby give, devise and bequeath to Savory Institute, a nonprofit organization located at 885 Arapahoe Avenue, Boulder, CO, 80302, Federal Tax ID #45-4134319, ALL OR A PERCENTAGE of the rest, residue and remainder of my estate to be used for Savory Institute's general use and purpose.
4. Contingent Bequest
If you are considering making a bequest to Savory Institute in the event your primary beneficiary does not survive you, we recommend the following language:
If (primary beneficiary) does not survive me, then I hereby give, devise and bequeath to Savory Institute, a nonprofit organization located at 885 Arapahoe Avenue, Boulder, CO, 80302, Federal Tax ID #45-4134319, DESCRIPTION OF PROPERTY to be used for Savory Institute'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 Savory Institute flexibility should it no longer be possible for our Savory Institute to use your gift as you originally intended:
If, in the judgment of the Board of Directors of Savory Institute, it shall become impossible for Savory Institute to use this bequest to accomplish the specific purposes of this bequest, Savory Institute 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.