Partners In Justice Index

Bequests – The Easiest Gift to Make

The cornerstone of any estate plan is a will, yet most people are without one. Lack of a will can cause needless loss of time and money. Without a will, the court distributes your estate according to state guidelines, and you have no say in appointing a guardian.

With a state’s “plan,” an intended beneficiary may be disinherited, and gifts to nonprofit charitable organizations are prohibited. Federal estate taxes vary for each person, and current law changes the estate tax rates and the amount a person may pass free of estate taxes each year until 2011.

ALSC can be named as a beneficiary in your will in any one of a number of ways.

A “specific bequest” can direct that a designated asset will pass to ALSC.
A “general legacy” provides a specified sum of money to be distributed to ALSC.
A “residuary bequest" leaves ALSC with all or a specified portion of your estate after all other bequests have been satisfied.
ALSC can be named the “remainder beneficiary” of a trust established for the initial benefit of another beneficiary.
A “contingent bequest” permits ALSC to receive property from your estate only if the primary beneficiaries do not survive you.

Making a provision for ALSC in your will can often be accomplished by a single amendment or a codicil to your will. It might not be necessary to redraft the entire will.

If you are contemplating including ALSC in your will, here are some examples of clauses you might want to consider:

I leave the amount of ______ to Alaska Legal Services, a charitable 501(c)(3) legal aid agency, Employer ID # 92-0034754, current address 9170 Jewel Lake Road, Suite 100, Anchorage, AK 99502.

I leave ____ percent of the total value of my estate to Alaska Legal Services, a charitable 501(c)(3) legal aid agency, Employer ID # 92-0034754, current address 9170 Jewel Lake Road, Suite 100, Anchorage, AK 99502.

I leave the following specific listed items, _______, to Alaska Legal Services, a charitable 501(c)(3) legal aid agency, Employer ID # 92-0034754, current address 9170 Jewel Lake Road, Suite 100, Anchorage, AK 99502.

If you have any questions regarding these clauses or any of the other many ways you may be of assistance to Alaska Legal Services, please contact Executive Director Andy Harrington at 907-452-5181.

Send your comments to webmaster