Bequests

Because bequests are revocable and can be reduced or eliminated if circumstances require, the lifestyle and future financial security of the donor are unaffected by a will provision. Therefore, the bequest is often the largest gift an individual can make to an institution like PRI and it is by far the most commonly used type of deferred gift arrangement.

Bequests of all sizes are important sources of support for PRI. They provide funds for scholarships and improved physical facilities. The endowment of PRI needs to be grown and this will supported by bequests from friends and supporters of the institute.

There are a variety of ways to make a bequest. You and your attorney can decide which method best suits your individual circumstances.

The following is suggested wording for bequests to PRI:

Outright Bequest
I give, devise and bequeath to Pacific Research Institute for Public Policy the sum of _________ dollars (and/or the following property ________ ) to be used . . . (e.g., for its general purposes, to establish a specific program or purpose decided upon in advance in consultation with a qualified PRI representative).

Bequest of Residuary Estate
In situations in which you may first wish to make specific bequests to family and friends before providing for PRI, the residuary bequest may be appropriate. In effect, after all the individuals you wish to benefit have received gifts from your estate, whatever is left will be transferred to PRI.

All the rest, residue and remainder of my estate, both real and personal property of whatever and wheresoever situated, which I may own or have the right to dispose of at the time of my death, I give, devise and bequeath to PRI, to be used for . . . (see above).

Bequest of Percentage of Residuary Estate
In cases where there is more than one nonprofit organization or person you would like to have share in the leftover estate:

All the rest, residue and remainder of my estate, both real and personal property of whatever kind and wheresoever situated, which I may own or have the right to dispose of at the time of my decease, I give, devise, and bequeath as follows: (1) to PRI, percent, to be used for . . . (see above).

Contingent Bequest
Some people feel that their entire estate should be left to family and friends if those individuals survive them. Gifts go to PRI only if the person outlives his/her beneficiaries.

In the case of the failure or lapse of any legacy or devise herein such that the property so bequeathed or devised would otherwise pass by intestacy (absence of a will), I give, devise and bequeath any such failed or lapsed legacy or devised to PRI, to be used for . . . (see above).

Creating Life-Income Gift Arrangements in your Will
It is possible to create in your will certain gift arrangements which provide income for a dependent or friend before PRI would benefit. These charitable trust documents are too lengthy to include here, but samples can be made available for you by your attorney.

For more information contact:

John Campbell
Director, Foundations and Major Gifts
415-955-6107
Fax: 415-989-2411
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