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Bequest

Bequest

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Bequests

Bequests are a major source of funds for Cheder.  Your testamentary charitable bequest ensures that your support of Cheder will continue in perpetuity. It is possible to designate a special purpose or program for your bequest, keep in mind, the specific needs of Cheder may change depending on the future state of world events. Therefore, it is preferable to authorize the Cheder to use the bequest for its general charitable purposes in the event the designated use is determined to be inapplicable.

There are many types of Bequests:

Outright Bequest - Cheder is given a specific dollar amount or a specific asset, such as securities or marketable real estate.

Residuary Bequest - Cheder is given all or a percentage of the remainder of the estate after payment of all expenses of the estate and any other specific amounts bequeathed to other beneficiaries of the will.

Testamentary Trust - You may provide for income to be paid from the trust to a designated beneficiary, and after that individual's lifetime all or part of the principal passes to the Cheder.

Contingent Bequest - You may have family and friends for whom you feel a responsibility and choose to provide for them first in your will. The Cheder is given a bequest only if the designated beneficiarie(s) predecease you.

The provisions in your will or revocable living trust for leaving a charitable bequest to the Cheder will depend upon the type of gift and your unique circumstances. We hope these sample bequest clauses will be helpful to your attorney.

Unrestricted General Legacy (Outright Bequest) I bequeath to Cheder Lubavitch Hebrew Day School, Inc an Illinois not-for-profit corporation, having its principal offices at 5201 Howard Street, Skokie, IL 60077, the sum of ($________) DOLLARS for its general charitable purposes.

Bequest for Specific Purpose I bequeath to the Cheder Lubavitch Hebrew Day School, Inc an Illinois not-for-profit corporation, having its principal offices at 5201 Howard Street, Skokie, IL 60077 the sum of ($________) DOLLARS [OR] a percentage (%________) of my residuary estate to be used for the Cheder [insert specific purpose designation]*. If in the opinion of the Board of Directors, the purposes of the Cheder would be better served by using the income or principal, or both, for the Cheder general purposes, the income or principal, or both may be so used.

Bequest for Specific Purpose by Endowment I bequeath to Cheder Lubavitch Hebrew Day School, Inc an Illinois not-for-profit corporation, having its principal offices at 5201 Howard Street, Skokie, IL 60077, the sum of ($________)DOLLARS [OR] a percentage(%________) of my residuary estate to establish an endowment fund bearing the name of________________. The net income therefrom shall be used for the benefit of Cheder [insert specific purpose designation]*. If, in the opinion of the Board of Directors, the purposes of the Cheder designated program would be better served by using the income and principal of the fund, they may have the discretion to do so.

 

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