Specific bequest, or a gift of a specific item to a specific beneficiary. For example, "I give my car to my son, Steve." If that item has been disposed of before death, the bequest fails and no claim can be made to any other property.
General bequest, or a gift of a stated sum of money. It will not fail, even if there is not sufficient cash to meet the bequest. For example, "I give $10,000 to my daughter Mary." If there is only $2,500 cash in the estate, other assets must be sold to meet the bequest.
Contingent bequest, or a bequest made upon the condition that a certain event must occur before distribution to the beneficiary. For example, "I give $10,000 to my daughter, Susan, provided she completes community college by age 23." A contingent bequest is very specific and fails if the condition is not met.
Residuary bequest, or a gift of all the "rest, residue and remainder" of your estate after all other bequests, debts and taxes have been paid.
Unrestricted bequest, or a gift for our general purposes, to be used at the discretion of the Executive Board of the South Texas Council. A gift such as this, without conditions attached, is frequently the most useful, as it allows the Council to determine the most important, current need for the funds at the time of receipt.
Restricted bequest, or a gift that allows you to specify how the funds are to be used.
Honorary or memorial bequest, or a gift given to honor, or in memory of, someone special.
Endowed bequest, or a gift that allows you to restrict the principal of the gift, requiring the South Texas Council to hold the funds in perpetuity, and use only the investment income the funds generate. Creating an endowed fund in this manner (must be $10,000 or more), means your gift will continue to benefit the Council forever.
