Endowment, L’Dor V’Dor
From Generation to Generation
Options for Bequests –
Leaving a bequest or estate planning are two ways by which you can make a significant difference in the future of a community which has been such an important part of your life over many years. Your bequest individually, and in combination with others will assure a bright future for this community and its ability to serve future generations.
Several congregants have asked the Endowment to provide legal language to include in a new Will or to modify an existing Will. Incorrect or imprecise drafting or modifying legal documents such as a Will can have unintended consequences or may not fully incorporate the wishes of the grantor. For that reason, we have cautioned that we are reluctant to provide specific language. Rather we strongly recommend consulting with the attorney who drafted, or will draft a new Will.
Nonetheless, with the caveat that your lawyer should review any language, and edit it to insure that it fully incorporates your wishes and is harmonious with the balance of your Will, we can provide the following examples of language that has been included in Wills or in a Codicil (which is a new, supplemental document which modifies part of an existing Will, but leaves the balance of the Will in place). A lawyer will also ensure that the language incorporated into your Will is consistent with requirements of the state law which will govern your Will.
These examples do not represent all the different ways in which a legacy gift or bequest can be designed or made, but are only intended to provide a few simple models:
- Residual Gift Language
A residual bequest would come to the Endowment after your estate expenses and specific bequests are paid:
“I give and devise to the Warren G. Stone Rabbinic Endowment (the “Endowment”), located in Kensington, MD, all (or state a percentage) of the rest, residue, and remainder of my estate, both real and personal, to be used for the stated charitable purposes of the Endowment.”
- Specific Gift Language
Naming the Warren G. Stone Rabbinic Endowment as a beneficiary of a specific amount from your estate is easy:
“I give and devise to the Warren G. Stone Rabbinic Endowment (the “Endowment”), located in Kensington, MD, the sum of $___________ (or asset) to be used for the stated charitable purposes of the Endowment.”
- Contingent Gift Language
The Warren G. Stone Rabbinic Endowment can be named as a contingent beneficiary in your will or personal trust if one or more of your specific bequests cannot be fulfilled:
“If (insert name) is not living at the time of my demise, I give and devise to the Warren G. Stone Rabbinic Endowment (the “Endowment”), located in Kensington, MD the sum of $ _______ (or all or a percentage of the residue of my estate) to be used for the stated charitable purposes of the Endowment.”
- Codicil to an Existing Will
A bequest can be made to the Warren G. Stone Rabbinic Endowment by means of a “codicil.” This document acts as an addendum to an existing Will. The gifting language of a codicil may be similar to the types of language listed above. We again caution that a codicil should be drafted with the assistance of an attorney who can ensure that your wishes are properly executed without unintentionally modifying the existing terms of your Will.
We hope this information is helpful and that you are moved to honor and celebrate your Jewish legacy with a bequest to the Endowment to support our community for future generations.
If you have ANY questions, please call Dianne Neiman, Temple Emanuel Executive Director, at (301) 942-2000.