Bequests & Life Insurance
Bequests, Life Insurance and Retirement Gifts
With specific language in your will or trust, you may give cash, securities, life insurance and/or property.
Specific Bequest
A specific bequest involves making a gift of a specific asset such as real estate, a car, other property or a gift for a specific dollar amount. For example, you may wish to leave your home or $10,000 to Zoo Miami Foundation.
Percentage Bequest
Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to Zoo Miami Foundation.
Residual Bequest
A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity. For example, you may wish to leave 30% of the residue of your estate to Zoo Miami Foundation.
Contingent Bequest
A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you could leave specific property, such as a vacation home, to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the vacation home will go to Zoo Miami Foundation.
How It Works
Include a bequest to Zoo Miami Foundation in your will or trust.
Make your bequest unrestricted or direct it to a specific purpose.
Indicate a specific amount or a percentage of the balance remaining in your estate or trust.
Cash, Percentage or Real Estate Bequest Sample Language:
I hereby give, devise and bequeath (dollar amount or % of estate; or describe property) to Zoo Miami Foundation, a nonprofit organization supporting Zoo Miami located at 12400 SW 152nd Street, Miami, FL 33177 for its ongoing conservation and education purposes (or for a designated program of your choice). Tax ID Number: 59-6192814
Residual Bequest Sample Language
I hereby give, devise and bequeath to Zoo Miami Foundation, a nonprofit organization supporting Zoo Miami located at 12400 SW 152nd Street, Miami, FL 33177, (all or a percentage) of the rest, residue and remainder of my estate for its ongoing conservation and education purposes (or for a designated program of your choice). Tax ID Number: 59-6192814
Contingent Bequest Sample Language
If (primary beneficiary) does not survive me, then I hereby give, devise and bequeath (description of your property/estate) to Zoo Miami Foundation, a nonprofit organization supporting Zoo Miami located at 12400 SW 152nd Street, Miami, FL 33177 for its ongoing conservation and education purposes (or for a designated program of your choice). Tax ID Number: 59-6192814
Benefits
Your assets remain in your control during your lifetime.
You can modify your gift to address changing circumstances.
You can direct your gift to a particular purpose (be sure to check with us to make sure your gift can be used as intended).
Please make sure to let us know if we are included in your legacy planning, so we may say “Thank You” by reaching out to Jose Romano, President and CEO, at 305.255.5551 or jromano@zoomiami.org.