A bequest is a wonderful way to have a lasting impact on the people and organizations that mean the most to you as well as reduce the amount of estate and inheritance taxes paid. Bequests through a will, trust, retirement account, or life insurance policy are increasingly popular because they cost nothing now, no amount is too small, and beneficiaries can be changed at any time.
Wills and Trusts include specific cash gifts, real estate, tangible personal property, stocks, and estate gifts and can be distributed in amounts and proportions you designate. They can be specific assets or amounts, or they may be proportional or residual in nature (see sample bequest language). Consider talking with your attorney and tax advisor to find out how a bequest can benefit you and your family.