Including a charitable bequest in your will is a simple, lasting way to support giftedness. When you make this gift through the Mensa Foundation, you contribute to ongoing research into and recognition of intelligence; it becomes your personal legacy of giving.
|Specific bequests||Residuary bequests||Contingency bequests||Restricted and unrestricted gifts|
How to bequeath a gift
No matter what your age, you can decide to make a charitable bequest by adding to your existing will or drafting a new one. In doing so, you leave a legacy with the Foundation while enjoying the assets you need to maintain your current lifestyle. Plus, you are able to distribute some or all of your assets, tax free.
You can give cash, appreciated stocks or other assets. Some of the most tax-efficient asset types to give come from retirement plan accounts, since heirs would be taxed on the income in respect of the decedent (IRD). Through your will, you can choose to give a stated dollar amount, a specific property, a percentage of your estate, the remainder after distributions to other beneficiaries, or you can make your gift contingent on certain events.
Here is a summary of several types of bequests, with more information to follow:
- A specific bequest indicates the amount of cash, securities or other assets you wish to leave to the Foundation, or it can indicate a specific percentage of the total value of your estate.
- A residuary bequest leaves the remaining portion of your estate (or a percentage of the total) after all other bequests have been satisfied.
- You can also make the Foundation the recipient of a contingency bequest, which takes into account the possibility of a change in your beneficiary’s circumstances. For example, you might leave the Foundation a bequest if another heir predeceases you.
You can make a bequest to the Foundation for a specific dollar amount or percentage of your estate.
I give, devise, and bequeath to the Mensa Education and Research Foundation the sum of _________ dollars ($__________) as an unrestricted gift, to be used at the sole discretion of the Foundation.
Or, you can make a bequest for specific assets, such as securities, real estate or personal property. Please be as specific as possible in identifying the property.
I give, devise, and bequeath to the Mensa Education and Research Foundation my [insert description or identifying information of the asset], to be used and/or disposed of, as the Foundation determines, in its sole discretion, for its general purposes.
You can make a residuary bequest, which gives all or a portion of the residue of your estate to the Foundation after payment of expenses and any specific amounts designated to other beneficiaries.
I give, devise, and bequeath to the Mensa Education and Research Foundation X percent of the rest, residue, and remainder of my estate as an unrestricted gift, to be used at the sole discretion of the Foundation.
You can make a contingency bequest to the Foundation, which allows you to account for a change in your beneficiary’s circumstances.
I give, devise, and bequeath [insert name] X percent of the rest, residue, and remainder of my estate if s/he survives me. If [insert name] does not survive me, I give, devise, and bequeath to the Mensa Education and Research Foundation, X percent of the rest, residue, and remainder of my estate as an unrestricted gift, to be used at the sole discretion of the Foundation.
Gifts that do not restrict the Foundation’s use (unrestricted gifts) are especially appreciated by the Foundation and are of more value as they allow the Foundation to channel resources where the needs are the greatest.
The Foundation is also grateful for gifts that are designated for a specific purpose that advances its mission (restricted gifts), such as support to a specific initiative or program.
If you are interested in making a restricted gift, it is important that you include the following language to ensure that the Foundation may redirect the use of your gift if the specified initiative, program, or purpose ceases to need funds in the future:
I give, devise, and bequeath to the Mensa Education and Research Foundation the sum of ___________ dollars ($________________) to be used for the [insert name of Mensa Foundation program] for so long as the Foundation determines that the need exists. Should the need no longer exist, the Foundation may, in its sole discretion, direct the use of my bequest for a purpose related as closely as possible to that stated above.