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Bequests A specific bequest states a specific dollar amount, percentage, or description of personal or real property. Suggested wording: "I give, devise and bequeath the (sum, percentage or property description) of my estate to Marmion, Aurora, Illinois, a not-for-profit Illinois corporation, for its general charitable, educational or missionary purposes." A residuary bequest is a gift of whatever assets remain after other distributions have been fulfilled. Suggested word: "I give, devise and bequeath (all or a percentage) of the rest, remainder and residue of my estate to Marmion, Aurora, Illinois, a not-for-profit Illinois corporation, for its general charitable, educational or missionary purposes." A contingent bequest occurs when other named beneficiaries have preceded you in death or for whatever reason are not available to receive or chose (usually for tax reasons) not to accept the bequest. Suggested wording: "In the event that (my spouse or children) shall not survive me, then I give, devise and bequeath (sum or description) of my estate to Marmion, Aurora, Illinois, a not-for-profit Illinois corporation, for its general charitable, educational or missionary purposes." If you would like to designate a bequest to one or more of Marmion's ministries you can do so by adding, "designated as follows: ____ percent to Marmion Abbey, ____ percent to Marmion Academy, ____percent to Mission Seminary." |