Types of Bequests
Including the WPT in your estate plan is a simple way to make a gift to parrot conservation. There are several types of bequests:
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Specific Bequest:
A specific individual or organization is left an exact amount or a particular item (such as an antique or collector's item) from a designated source.
Example: Georgina states in her will: "I leave my necklace to my daughter, Alice. I also leave my securities to the World Parrot Trust."
General Bequest:
Your executor has the flexibility to honor the gift from any available source with this type of bequest.
Example: Georgina states in her will: "I leave this amount to my son, Michael. I also leave another amount to the World Parrot Trust"
Residuary Bequest:
Once all other bequests, debts, expenses and taxes have been paid this type of bequest is honored.
Example: Georgina states in her will: "I give all the rest, residue and remainder of my real and personal estate to the World Parrot Trust."
Contingent Bequest:
This type of bequest is fulfilled if certain conditions are met. For instance, if your primary beneficiary does not survive you, you can indicate your next choice through a contingent designation.
Example: Georgina states in her will: "I give all the rest, residue and remainder of my real and personal estate to my husband, Kristoff, if he survives me; if not, then 50 percent in equal shares to my children who survive me and 50 percent to the World Parrot Trust."
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