Types of Bequests
There are a number of ways you can make a bequest to the National Academies.
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.
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 the National Academies.
In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to the National Academy of Sciences, the National Academy of Engineering, or the National Academy of Medicine in your estate plan. We have provided some basic bequest language to assist you and your attorney.
In the case of a bequest to support the National Academy of Engineering, the bequest should be made to the “National Academy of Engineering Fund” along with “Tax ID# 23-7284092.”
1. Residual Bequest
I hereby give, devise, and bequeath to the National Academy of Sciences, a tax exempt corporation located at 500 Fifth Street, NW, Washington, DC, 20001, Federal Tax ID# 53-0196932, all [or (insert percentage)], of the rest, residue, and remainder of my estate to be used for the general purposes of [insert name of academy].
If you are considering making a bequest for a specific purpose within one or all of the academies, please contact us before signing your estate documents. We want to ensure that we will be able to meet your charitable objectives many years into the future.
Additionally, we suggest that you and your attorney place language that gives the Academies some flexibility in the section of your estate plan that states your gift. Including this language ultimately saves the Academies time and money in receiving your gift:
Please contact us if you have any questions about how to make a bequest to the National Academy of Sciences, National Academy of Engineering, and/or National Academy of Medicine to request additional information that might be helpful to you and your attorney as you consider making a bequest to us.
If you have included a bequest for any of the academies in your estate plan, please contact us. You will become a member of the Heritage Society with all of the associated benefits.